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ASHLAND SIGNS LETTER OF INTENT TO SELL ARIZONA HIGHWAY CONSTRUCTION OPERATIONS

 ASHLAND, Ky., June 9 /PRNewswire/ -- Ashland Oil, Inc. (NYSE: ASH) and its wholly owned subsidiary, APAC-Holdings, Inc., announced today that they have reached an agreement in principle to sell their APAC-Arizona, Inc. highway construction unit to Kiewit Construction Group Inc., a subsidiary of Peter Kiewit Sons', Inc., a construction company based in Omaha, Neb.
 Terms of the transaction were not disclosed and consummation is subject to the execution of a definitive agreement, governmental approval and other conditions.
 If consummated, the transaction would substantially complete Ashland's previously announced program to divest assets valued at approximately $200 million. Funds from these transactions have been used to reduce debt.
 With headquarters in Atlanta, APAC's group of construction companies is one of the nation's leading providers of highway construction services. Operating in 13 states, APAC companies are major suppliers of hot-mix asphalt, ready-mix concrete, construction aggregates, concrete blocks and specialized construction materials.
 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- 6/9/93
 /CONTACT: Roger Schrum of Ashland Oil, 606-329-4061/
 (ASH)


CO: Ashland Oil, Inc.; APAC-Holdings, Inc.; APAC-Arizona, Inc.; Keiwit
 Construction Group Inc.; Peter Kiewit Sons', Inc. ST: Kentucky, Arizona IN: CST OIL SU: TNM


CD -- PG010 -- 0123 06/09/93 11:34 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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