Dec. 3, 2002 — ChevronTexaco Corp. said it has formed a new business unit to sell molecular building blocks with potential applications in nanotechnology.

MolecularDiamond Technologies, based in Richmond, Calif., plans to make and sell small amounts of higher diamondoids, or tiny diamond fragments which form naturally in petroleum and natural gas. Diamondoids are the only molecules to combine the useful properties of a diamond with the versatile chemistry of carbon-based molecules, according to a ChevronTexaco news release.

The nanoscale materials, which combine rigidity, durability, multiple shapes and sizes and potential for precise self-assembly, could be used in drugs or in electronic devices. The materials are expected to be commercially available for research and development by midyear 2003, the company said.