press release

Unocal denies report about negotiations for sale of Caspian Sea interests

El Segundo, Calif., April 26, 1996 -- Unocal Corporation today denied reports that the company is negotiating to sell part of its share in the consortium that is developing three oil fields in the Caspian Sea.

The company issued the announcement in response to a report by the Turan news agency last Friday. The Turkish news agency said that the Japanese company, Itochu Oil Exploration Co. Ltd., was "negotiating with the U.S. about purchases of part of share of American Unocal company in the project for development of Azeri, Chirag, and deep-water section of Guneshli oil fields."

In a letter to Natik Aliev, president of the State Oil Company of the Azerbaijan Republic, Unocal said that it is "committed to maintaining and expanding its investment opportunities in the Republic of Azerbaijan. Itochu has not contacted Unocal, nor has Unocal contacted Itochu regarding a sale of Unocal's interest in these fields."

Unocal holds a 9.52 percent interest in the consortium.

Updated: April 1996