ENERGY

Occidental to Buy 65% Stake in Indspec Chemical Corp.: The Los Angeles-based energy company said it will pay $85 million for the equity interest in the Pittsburgh-based company. Indspec, with 1994 sales of $115 million, is the world’s largest and North America’s only maker of resorcinol. Resorcinol is used as a bonding and stiffening agent in making tires and in wood adhesives and fire-retardant plastic additives. Occidental Petroleum Corp., the 13th-largest U.S. oil company, said Indspec’s management would retain voting control of the company under terms of the agreement. The transaction is expected to close early next year. Occidental said the acquisition will not reduce earnings.