SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 11, 1997
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS.
On April 11, 1997 the following news release was issued:
UNOCAL, PDVSA ANNOUNCE DEFINITIVE AGREEMENTS FOR UNO-VEN
RESTRUCTURING, SALE OF UNOCAL PETROCHEMICAL BUSINESS
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EL SEGUNDO, Calif., April 11, 1997 -- Unocal Corporation and PDV
America, Inc., a unit of Petroleos de Venezuela, S.A. (PDVSA), announced today
the signing of a definitive agreement for the restructuring of The UNO-VEN
Company, a Midwest refining and marketing partnership held 50-50 by affiliates
of Unocal and PDV America.
The agreement provides that an affiliate of PDV America will receive
substantially all of the refining and marketing assets of UNO-VEN and will
assume certain liabilities associated with those assets. Unocal affiliates will
own 100 percent of the partnership, which will continue to hold and operate
petroleum coke businesses that are not part of the transaction. The partnership
will retain $250 million.
In a separate transaction, the affiliate of PDV America will also
acquire the petrochemical business that is currently conducted by Unocal
Hydrocarbon Sales. Terms of the sale of Unocal's petrochemical unit were not
disclosed.
Unocal and PDV America expect to close both transactions by May 1,
1997, subject to clearance by regulatory agencies and the satisfaction of
certain other conditions.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
(Registrant)
Date: April 14, 1997 By /s/ CHARLES S. MCDOWELL
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Charles S. McDowell
Vice President and Comptroller
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