FTC Is Urged to Block Chevron Deal for Unocal
Sen. Charles E. Schumer (D-N.Y.) urged the Federal Trade Commission to block ChevronTexaco Corp.’s $16.4-billion purchase of Unocal Corp. and joined nine other senators, including California Democrat Barbara Boxer, in asking the FTC to carefully review the combination.
The senators said they were concerned the deal would reduce competition.
Spokesmen for San Ramon, Calif.-based ChevronTexaco and El Segundo-based Unocal said they were working with regulators as they reviewed the deal, but noted that Unocal owned no refineries or service stations.
From a Times Staff Writer
* Venezuela plans to sell at least two of Citgo Petroleum Corp.’s eight refineries in the U.S. and has received offers from interested buyers, the country’s oil minister said.
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