press release

Agrium Announces Closing of Unocal Sale of Agrium Securities

The following news release was issued by Agrium Inc.

CALGARY, ALBERTA, Nov. 15, 2000 -- Agrium Inc. (TSE and NYSE: AGU ) ("Agrium") today announced the completion of the previously announced secondary offering of 2,627,983 common shares of Agrium and U.S. $50 million aggregate principal amount of 6% junior subordinated convertible debentures issued by Agrium held by Union Oil Company of California ("Unocal"). The common shares and debentures were offered to purchasers in Canada by Newcrest Capital Inc. Agrium did not receive any proceeds from the sale of the common shares and debentures. As a result of the sale, Unocal no longer owns any common shares or debentures of Agrium.

Agrium Inc. is a leading global producer and marketer of fertilizer and a major retail supplier of agricultural products and services in both North America and Argentina. The Corporation produces and markets four primary groups of fertilizers: nitrogen, phosphate, potash and sulphur. The Corporation's strategy is to grow through incremental expansion of its existing operations and acquisitions as well as the development, commercialization and marketing of new products and international opportunities.

The securities being offered by Unocal were registered under the United States Securities Act of 1933, as amended, and except pursuant to an available exemption in the case of the junior subordinated convertible debentures, were not offered or sold in the United States or to United States persons.

Updated: November 2000