Chemical

Cabot LNG, the energy division of the Boston-based industrial chemical manufacturer Cabot Corp., will be separated from the parent company with the issuance of a targeted stock as part of slimming and trimming “value enhancement” initiatives announced recently.

Cabot LNG, the energy division of the Boston-based industrialchemical manufacturer Cabot Corp., will be separated from theparent company with the issuance of a targeted stock as part ofslimming and trimming “value enhancement”initiatives announcedrecently.

Canadian Occidental Petoleum Ltd., an independent global energyand chemical company, sold oil and gas properties worth $370million in order to take the bite out of low commodity prices, thecompany said Wednesday. This brings CanadianOxy’s 1998 propertysales to $630 million. The company did not disclose who bought theproperties. An additional $235 million of sales are expected beforethe end of January 1999.

Canadian Occidental Petroleum subsidiary CXY Energy of Dallasagreed to acquire 50% of Fina Oil and Chemical’s interests in 64lease blocks in the Gulf of Mexico.

Amoco Oil, Enterprise Products, Exxon Chemical and WilliamsField Services announced plans to form a joint venture to build andoperate a 60,000 b/d natural gas liquids (NGL) fractionationfacility near Baton Rouge, LA. Construction has begun, and start-upis expected next March. The joint venture is to be called BatonRouge Fractionators LLC. Enterprise will operate the plant andmanage fractionation services. Amoco will process its PascagoulaGas Plant volumes at the facility. Exxon will process a portion ofits Louisiana area NGLs there, and Williams will contract toprocess its Mobile Bay Gas Plant volumes at the facility.