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ASHLAND PETROLEUM TO SELL SOME BARGE OPERATIONS TO KIRBY CORP. UNIT

 ASHLAND, Ky., Jan. 25 /PRNewswire/ -- Ashland Petroleum Company, a division of Ashland Oil, Inc. (NYSE: ASH), today announced that it has signed a definitive agreement to sell the assets of its TPT inland waterways barge operations for $24.4 million to Dixie Carriers, Inc., a wholly owned subsidiary of Houston-based Kirby Corporation (AMEX: KEX).
 The agreement is subject to necessary government reviews, approvals and other conditions.
 The transaction involves the sale of five inland towboats and 72 tank barges and other related assets including sales contracts which operated under Ashland Petroleum's TPT division. TPT primarily provided third-party transportation of petroleum products and chemicals on the U.S. Inland Waterways.
 Ashland Petroleum will continue to operate a large inland waterway tank barge fleet involving seven towboats and 175 barges. The fleet will continue to transport Ashland produced petroleum products and chemicals to customers throughout the U.S. Inland Waterways.
 The transaction is part of a previously announced program by Ashland to divest assets valued at approximately $200 million. Funds from these transactions will be used to reduce debt.
 Ashland Petroleum Company is the largest division of Ashland Oil, Inc., and is engaged in petroleum refining, marketing and transportation from the East Coast through the Ohio River Valley and Upper Midwest.
 Ashland Oil, Inc. is a diversified energy corporation engaged in petroleum refining, transportation and marketing; retail gasoline marketing; motor oil marketing; chemicals; coal; highway construction; and oil and gas exploration and production.
 -0- 1/25/93
 /CONTACT: Roger Schrum of Ashland Oil, Inc., 606-329-4061/
 (ASH KEX)


CO: Ashland Petroleum Company; Ashland Oil, Inc.; Dixie Carriers, Inc.;
 Kirby Corporation ST: Kentucky, Texas IN: OIL TRN SU: TNM


DM -- PG009 -- 8344 01/25/93 10:01 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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