press release

Unocal, Petroleos de Venezuela Update Closing Date for UNO-VEN Restructuring

EL SEGUNDO, Calif., March 10, 1997 -- Unocal Corporation and PDV America, Inc., a unit of Petroleos de Venezuela, S.A. (PDVSA), jointly announced today that the two companies are continuing their negotiations relating to the restructuring of The UNO-VEN Company and that, in light of the necessary procedural and regulatory filing requirements, the expected closing of the transaction has been delayed from the end of the first quarter to May 1, 1997.

The letter of intent for the restructuring was signed last December.

The transaction would result in an affiliate of PDV America owning and controlling substantially all of the refining and marketing assets of The UNO-VEN Company.

Updated: March 1997