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ULTRAMAR CORPORATION ANNOUNCES DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

 GREENWICH, Conn., Jan. 14 /PRNewswire/ -- Ultramar Corporation (NYSE: ULR) today announced a dividend reinvestment and common stock purchase plan, which becomes effective today.
 Under the plan, shareholders of Ultramar common stock will be able to reinvest their dividends to purchase common stock without payment of any brokerage fees or service charges.
 The plan also will allow stockholders to make voluntary cash contributions of up to $25,000 per year to purchase common shares at market price.
 The Company's Board of Directors authorized the registration of 2 million new common shares to be used for the program. The plan administrator, at Ultramar's option, will make purchases from Ultramar or on the open market.
 Ultramar filed a registration statement today with the Securities and Exchange Commission and will be distributing a prospectus outlining the details of the program.
 -0- 1/14/94
 /NOTE TO EDITORS: Ultramar Corporation is a petroleum refining and marketing company which operates in California and in Eastern Canada through two subsidiaries. In 1992, the Company sold over 250,000 barrels per day of refined petroleum products and had total revenues of $2.6 billion.
 Ultramar Corporation was formed in April 1992, to acquire Ultramar Inc. and Ultramar Canada Inc. from Ultramar PLC, a British company, and its former subsidiaries. Ultramar Corporation acquired these businesses with monies raised from an initial public offering of its common stock and the issuance of long-term senior notes. The common stock of Ultramar Corporation (ticker symbol: ULR) began trading on the New York and Montreal stock exchanges on June 26, 1992. The Company employs approximately 3,300 people./
 /CONTACT: Steve Blank of Ultramar Corporation, 203-622-7019/
 (ULR)


CO: Ultramar Corporation ST: California, Connecticut IN: OIL SU:

SH -- NY034 -- 1203 01/14/94 12:25 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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