LOS ANGELES (dpa-AFX) - Occidental Petroleum Corp. (OXY) is in advanced discussions to sell its chemical division, OxyChem, in a deal valued at approximately $10 billion, the Financial Times reported citing people familiar with the matter.
The potential sale would mark the largest divestiture in Occidental's ongoing strategy to streamline operations and reduce its substantial debt burden. The company has been actively shedding assets over the past several years as part of this effort.
An official announcement is expected in the coming weeks, the report said.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
