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Spotlight: Unocal to Sell Venture Stake for $250 Million

December 27, 1996

Unocal Corp. said it will sell its half of a Midwest oil refining and marketing venture to co-owner Petroleos de Venezuela, the Venezuelan state-owned oil company, for $250 million. The sale of the Uno-Ven Co. assets will complete Unocal's move away from marketing and refining oil to mainly exploration and production. Earlier this month, El Segundo-based Unocal agreed to sell its West Coast refining, marketing and transportation assets to Tosco Corp. for about $2 billion.

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