Unocal to restructure UNO-VEN Company partnership with PDVSA

Dec 26, 1996 01:00 AM

Unocal Corporation has announced the `execution of a letter of intent to restructure the UNO-VEN Company, a partnership held 50 % by its Midwest 76 subsidiary. The letter of intent provides that all of UNO-VEN's petroleum refining and marketing assets will transfer to units of Petroleos de Venezuela S.A. (PDVSA), and Unocal will receive $ 250 mm. PDVSA affiliates will assume all liability for UNO-VEN debts. The transaction is subject to execution of a definitive agreement, approval by the respective boards of directors of Unocal and PDVSA, and certain regulatory approvals.
UNO-VEN is a petroleum refining and marketing company that markets "76" brand products throughout the midwestern US The 50-50 partnership between Unocal and PDVSA was formed in 1989. Earlier Unocal signed a definitive agreement to sell its West Coast refining, marketing and transportation assets to Tosco Corporation for approximately $2 billion.
If the transaction with PDVSA is completed, Unocal expects to invest a portion of the proceeds in upstream and midstream projects overseas and in strengthening Unocal's US oil and gas operations in the Gulf of Mexico area. "We've shifted our strategic focus to major market-to-resource energy projects," said Unocal.

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