Local News in Brief : Unocal Weighs Sale of Vacant Site
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Unocal is considering selling 32 acres of undeveloped land adjacent to its Torrance tank farm as part of a company-wide effort to reduce corporate debt and raise money to explore for oil and gas.
Company spokesman Barry Lane said Unocal has no intention of selling its refinery in Wilmington, which processes about 108,000 barrels of oil daily.
The Torrance property that the company might sell is part of its larger, 95-acre oil tank farm at Lomita and Crenshaw boulevards. The property is zoned for heavy manufacturing and industry. Lane said he had no estimate of how much the property is worth.
Unocal announced Wednesday that it was selling a number of its major real estate holdings, including its 13-story downtown Los Angeles headquarters. Some of the money raised would be used to reduce the heavy debt the company assumed when it fended off a 1985 takeover effort by T. Boone Pickens Jr., the company said.
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