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UNION OIL CO. OF CALIFORNIA REACHES AGREEMENT WITH ASHLAND CHEMICAL

UNION OIL CO. OF CALIFORNIA REACHES AGREEMENT WITH ASHLAND CHEMICAL
 LOS ANGELES, Nov. 8 /PRNewswire/ -- Unocal Corp. (NYSE: UCL) said today that its Union Oil Company of California subsidiary has reached an agreement in principle with Ashland Chemical, Inc. to sell its retail chemical distribution business.
 Under the terms being negotiated, Unocal would sell up to 21 distribution centers in major metropolitan areas and three deep-water marine terminals on the East coast to Ashland Chemical, a subsidiary of Ashland Oil Inc. (NYSE: ASH)
 Unocal's chemicals distribution centers handle a wide- range of solvents and chemicals to serve specific local markets. Products are shipped generally to customers in full and partial loads, portable tanks and drums.
 Unocal plans to continue to market hydrocarbon solvent products in bulk quantities -- full barge, rail car or tank truck.
 The sales price and terms were not disclosed.
 The transaction is conditioned upon obtaining the necessary permits and approvals as well as expiration of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
 -0- 11/8/91
 /CONTACT: James H. Bray of Unocal, 213-977-5390/
 (UCL ASH) CO: Unocal, Ashland Oil Inc. ST: California IN: OIL SU: SE -- LA002 -- 2475 11/08/91 08:36 EST
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Publication:PR Newswire
Date:Nov 8, 1991
Words:201
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