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AMOCO AGREES TO SELL OIL-FIELD CHEMICAL UNIT

 HOUSTON, Jan. 20 /PRNewswire/ -- Amoco Chemical Company has signed an agreement to sell Welchem Inc., its oil-field production and process chemicals business to Petrolite Corporation.
 Houston-based Welchem produces and markets production treating, stimulation and drilling chemicals for oil and gas production, and refinery and petrochemical processing chemicals. Welchem's 1991 revenue was approximately $53 million; 1992 figures are not yet available.
 Petrolite, based in St. Louis, is a leading worldwide manufacturer and supplier of specialty chemicals and services. The company had revenues of $318 million for the fiscal year ending Oct. 31, 1992.
 "This acquisition represents an excellent fit for Petrolite, allowing us to build on our company's existing strengths," said William E. Nasser, chairman, president, and chief executive officer of Petrolite. "The purchase reflects our strategy of targeting acquisitions related to our core capabilities."
 Welchem will have a positive impact on Petrolite's North American and international operations, particularly the operations of the company's Eurochem, Industrial Chemicals and Tretolite divisions, Nasser noted.
 "This acquisition will enhance our ability to serve refinery process chemical customers in the United States," Nasser added. "Welchem also has a strong base of operations in Canada and, internationally, our presence will be notably strengthened in Africa and the Caribbean."
 "Amoco is selling the Welchem operation because it's no longer consistent with our long-term strategic objectives," said Amoco Chemical's Executive Vice President L. Richard Flury. "We believe this sale represents an attractive opportunity for both companies involved."
 Terms of the transaction were not disclosed. The acquisition, subject to certain conditions, is expected to be completed by the end of the first quarter of 1993.
 Welchem Inc. was established in 1982 as a subsidiary of Amoco Chemical Company. Amoco Chemical, which operates in more than 20 countries, is the chemical manufacturing and marketing subsidiary of Chicago-based Amoco Corporation (NYSE: AN).
 -0- 1/20/93
 /CONTACT: C. James Fair, 312-856-5566; or Mary Milnamow, 312-856-6066; both of Amoco Corporation/
 (AN)


CO: Amoco Corporation ST: Illinois IN: OIL SU:

KK -- CL009 -- 6840 01/20/93 11:26 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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