Mr. Zaleschuk: CanadianOxy goes back for many years with a number of predecessor companies, involved in both oil and gas in Canada and chemical operations. CanadianOxy's size increased significantly in about 1983 when our US affiliate Occidental Petroleum acquired City Service. At that time, both Oxy and City Services had Canadian subsidiaries. City Services' companies and Oxy's Canadian subsidiaries were merged and became CanadianOxy. After that, CanadianOxy made a major discovery in Yemen, which has since become a world-class asset. As a result, CanadianOxy has grown into the company we are today. Occidental's share ownership declined over the years to about 29%. When Occidental sold this block a couple of months ago, CanadianOxy became a totally independent company.
TWST: What is the mix of business today?
Mr. Zaleschuk: We have worldwide upstream exploration and production
operations for oil and gas, as well as a chemicals division that makes
bleaching chemicals for the pulp and paper industry. Although our oil
and gas activities are substantially larger, our chemicals business is
one of the top three producers of sodium chlorate worldwide with
operations in Canada, United States and Brazil.
Tickers included in this excerpt: CXY
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