Group 1 - Occidental Petroleum (OXY.US) is negotiating the sale of its chemical subsidiary OxyChem, with an estimated valuation of at least $10 billion [1] - This divestiture is expected to be the largest in the company's history and will create one of the world's largest independent petrochemical companies [1] - The company has been reducing debt through asset sales, supported by Warren Buffett's investment [1] Group 2 - Occidental's subsidiary 1PointFive has formed a 50:50 joint venture with Enbridge (ENB.US) to develop the Pelican Sequestration Hub and related transportation infrastructure in Louisiana [2] - 1PointFive will be responsible for developing underground carbon dioxide storage facilities, while Enbridge will construct and operate the pipeline to transport from customer locations to the storage hub [2]