AP Photo/Reed Saxon, file

Houston-based company Occidental Petroleum will sell its chemical business, OxyChem, for $9.7 billion to Berkshire Hathaway, Warren Buffett's holding company.

Oxychem produces chemicals used in water treatment, healthcare, pharmaceuticals and development.

According to a joint news release, Occidental plans to use $6.5 billion from the sale to pay down its debt and reach its goal of bringing its principal debt below $15 billion after it acquired oil and gas producer CrownRock.

"This transaction strengthens our financial position and catalyzes a significant resource opportunity we've been building in our oil and gas business for the last decade," Occidental President and Chief Executive Officer Vicki Hollub said in the news release. "I'm incredibly

prou

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