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UNOCAL SUBSIDIARY SIGNS AGREEMENT WITH ASHLAND CHEMICAL

 UNOCAL SUBSIDIARY SIGNS AGREEMENT WITH ASHLAND CHEMICAL
 LOS ANGELES, Feb. 17 /PRNewswire/ -- Unocal Corporation


(NYSE: UCL) said today that its operating subsidiary, Union Oil Company of California, has signed a definitive agreement with Ashland Chemical, Inc. for the sale of its retail chemicals distribution business. The sale is scheduled to close Feb. 28.
 Ashland Chemical, a subsidiary of Ashland Oil, Inc. will acquire most to Unocal's nationwide chemicals distribution business.
 Unocal plans to continue marketing hydrocarbon solvents in bulk quantities -- full barge, rail car or tank truck from its Chicago and Toledo, Ohio terminals. Referred to as Unocal Hydrocarbon Sales, this new business unit will be headquartered in Schaumburg, Ill.
 Unocal will receive $85 million at closing and $5 million in future payments. Other terms were not disclosed.
 -0- 2/17/92
 /CONTACT: James H. Bray of Unocal, 213-977-5390/
 (UCL) CO: Unocal Corporatoin ST: California IN: CHM SU:


TS -- NY016 -- 0562 02/17/92 12:24 EST
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Publication:PR Newswire
Date:Feb 17, 1992
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