Occidental Petroleum in Talks to Sell OxyChem Unit, FT Says

Occidental Petroleum Corp. is in talks to sell its OxyChem petrochemical unit in a deal worth at least $10 billion, the Financial Times reported Sunday.

The divestment would be the US company’s biggest yet and would create one of the world’s largest standalone petrochemical companies, according to the FT, which cited two people familiar with the matter that it didn’t identify. The potential buyer couldn’t immediately be determined, the report said.