16:21 - 1.10.2025

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October 1, Fineko/abc.az. Warren Buffett's Berkshire Hathaway Holding is going to buy Occidental Petroleum's petrochemical division OxyChem, which is one of the world's largest producers of chemicals. The deal will cost about $10 billion, ABC.AZ .reports, referring to Financial Times’ sources.

This will be Berkshire Hathaway's largest acquisition since 2022, when it bought Alleghany Insurance Group for $11.6 billion.

Negotiations are in the final stages and may end within a few days.

The sale of OxyChem is part of Occidental's strategy to reduce the large debt it has accumulated in connection with acquisition of oil and gas companies Anadarko in 2019 ($55 billion) and CrownRock in 2023 ($12 billion).

Buffett is Occidental's largest shareholder, owning 26.9% of its shares, and it was he who helped finance the deal with Anadarko in 2019, investing $10 billion.