ENERGY
From Times Staff and Wire Reports
Arco Chemical to Take $56-Million Charge: The company, controlled by Los Angeles-based Atlantic Richfield Co., said it expects to take the second-quarter charge in selling its 50% ownership of Yukong Arco Chemical Ltd., a troubled venture that Arco has held with Korea’s largest oil refiner, Yukong Ltd. The subsidiary, Arco Chemical Co., which is 83.4%-owned by Arco, announced that the charge will cover the equity write-down and a payment to the Korean firm releasing it from further obligations. The joint venture operates a plant at Ulsan, South Korea, that produces propylene, used in seat cushions and bedding, and styrene, used in packaging and drinking cups.
