Standard Oil units are being sold for $1.8 billion.

About to be taken over by British Petroleum, Standard said it is selling certain diversified industrial and financial holdings to Shearson Lehman Bros. The securities firm, which indicated that it parceling out the holdings for other investors, has already agreed to sell about $190 million worth of assets and has no plans to run any operations on a long-term basis. “We are not left holding substantial assets,” said a Shearson spokesman.