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UNOCAL ANNOUNCES UNION OIL COMPANY OF CALIFORNIA COMPLETES SALE

   UNOCAL ANNOUNCES UNION OIL COMPANY OF CALIFORNIA COMPLETES SALE
    LOS ANGELES, July 1 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) said today its operating subsidiary, Union Oil Company of California, has completed the sale of its product distribution terminal operations in the southeastern United States to Louis Dreyfus Energy Corp.
    The sale includes Unocal's interest in 24 product distribution terminals throughout the Southeast.  The terminal operations involved approximately 100 employees, all of whom have been hired by Louis Dreyfus.  Unocal will retain ownership of its Savannah, Ga., lubricant plant and terminal.
    Unocal said the sale to Louis Dreyfus, along with the previously announced phase out of motor fuel marketing in the southeastern United States, will not significantly impact the company's second quarter 1992 earnings.
    Louis Dreyfus Energy is a wholly owned subsidiary of the Louis Dreyfus Group, which is headquartered in Wilton, Conn.  Louis Dreyfus Energy is engaged in oil and gas exploration and production, petroleum refining, transportation, distribution and sales in North America, Europe and the Pacific Rim.
    The sale of the distribution terminals continues Unocal's divestiture of non-strategic assets.  So far in 1992, the company has realized more than $300 million in pre-tax proceeds from asset sales, including its emulsion polymers business, chemicals distribution business and various crude oil and natural gas production properties.
    Last week, Unocal concluded an agreement for a joint venture to acquire the company's Sweetwater uranium mill and related properties in Wyoming.  The mill, located in Rawlins, Wyo., had been suspended since 1983.
    Unocal continues to negotiate for the sale of its nationwide Auto/TruckStop system, and recently announced that discussions were under way with potential buyers for PureGro Co., Unocal's Sacramento- based subsidiary that markets and distributes agricultural products in the West.
    -0-                    7/1/92
    /CONTACT:  James H. Bray of Unocal, 213-977-5390, or Simon Rich of Louis Dreyfus, 203-761-9700/
    (UCL) CO:  Unocal Corp.; Union Oil Company of California;
     Dreyfus Energy Corp. ST:  California IN:  OIL SU: AL-CH -- LA014 -- 5682 07/01/92 12:05 EDT
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Publication:PR Newswire
Date:Jul 1, 1992
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