Yukong Ltd

Arco Chemical to Take $56-Million Charge: The company, controlled by Los Angeles-based Atlantic Richfield Co., said it expects to take the second-quarter charge in selling its 50% ownership of Yukong Arco Chemical Ltd., a troubled venture that Arco has held with Korea's largest oil refiner, Yukong Ltd. The subsidiary, Arco Chemical Co., which is 83.4%-owned by Arco, announced that the charge will cover the equity write-down and a payment to the Korean firm releasing it from further obligations.

Arco Chemical to Take $56-Million Charge: The company, controlled by Los Angeles-based Atlantic Richfield Co., said it expects to take the second-quarter charge in selling its 50% ownership of Yukong Arco Chemical Ltd., a troubled venture that Arco has held with Korea's largest oil refiner, Yukong Ltd. The subsidiary, Arco Chemical Co., which is 83.4%-owned by Arco, announced that the charge will cover the equity write-down and a payment to the Korean firm releasing it from further obligations.

Korean Refiner to Build $1.5-Billion China Plant: The Yukong Ltd. joint venture project would be the biggest between South Korea and China since they established diplomatic ties in 1992. The refinery, with a processing capacity of 100,000 to 150,000 barrels of oil daily, is to be built in Shenzhen. Trade between the two countries has mushroomed since normalization, with two-way volume totaling $8.9 billion last year.

Sears, Roebuck & Co. said it agreed to acquire All America Termite & Pest Control, the nation's largest privately held termite and pest control business, as part of its plan to expand its services division. Terms were not disclosed. . . . Total, France's second-largest oil company, said Exxon Corp., Hunt Oil Co. and Yukong Ltd. have agreed to become partners in its $2.5-billion natural gas project in Yemen. . . . Wendy's International Inc.