UNION PACIFIC <UNP>CLOSES VENEZUELAN PARTNERSHIP
Union Pacific Corp said it has closed
the previously announced 50-50 partnership with Petroleos de
Venezuela SA, Venezuela's national oil company, to own a
160,000 barrel per day refinery in Corpus Christi, Texas.
    Union Pacific said the partnership, called Champlin
Refining Co, will acquire the refining and distribution system
owned and operated by Union Pacific's Champlin Petroleum Co
subsidiary. The Venezuelan company also signed a 25-year
feedstock agreement with the partnership to supply at least
140,000 barrels a day of Venezuelan crude oil and naphtha at
market related prices.
 Reuter
