UNOCAL'S UNION OIL CO. OF CALIFORNIA SUBSIDIARY ENTERSI?NTO EXCLUSIVE NEGOTIATIONS WITH LOUIS DREYFUS ENERGY CORP.
UNOCAL'S UNION OIL CO. OF CALIFORNIA SUBSIDIARY ENTERSI?NTO
EXCLUSIVE NEGOTIATIONS WITH LOUIS DREYFUS ENERGY CORP.
LOS ANGELES, Nov. 12 /PRNewswire/ -- Unocal Corporation (NYSE: UCL) said today that its Union Oil Company of California subsidiary has entered into exclusive negotiations with Louis Dreyfus Energy Corporation for the sale of Unocal's southeastern U.S. petroleum products marketing and distribution terminals operations.
These negotiations will include the company's marketer business headquartered in Atlanta. If successful, Louis Dreyfus would assume Unocal's relationships with its marketers in the southeast, including continuation of the Unocal 76 brand. Louis Dreyfus would also assume Unocal's ownership interest in the 25 distribution terminals in the southeast marketing territory.
These negotiations will not include Unocal's lubricants facility in Savannah, Ga.
Louis Dreyfus is a wholly owned subsidiary of the Louis Dreyfus group with headquarters in Wilton, Conn. Diversified activities of the parent company include the international merchandising of various commodities, ownership and management of ocean vessels, manufacturing operations and real estate development.
Louis Dreyfus Energy directs the group's activities in the energy field. It is an integrated energy company engaged in oil and gas exploration and production, petroleum refining, transportation, distribution and sales in North America, Europe and the Pacific Rim. U.S. operations are managed through regional offices in Atlanta; Bel Air, Md.; Newark and Oklahoma City.
/CONTACT: James H. Bray of Unocal, 213-977-5390/
(UCL) CO: Unocal Corporation; Union Oil Company of California;
Louis Dreyfus Energy Corporation ST: California IN: OIL SU: TNM CH -- LA009 -- 3399 11/12/91 11:01 EST