Unocal Assets Sale On

Unocal Corp. said Monday it has signed a definitive agreement to sell its West Coast gasoline business to Tosco Corp. in a deal valued at $2 billion.

The assets being sold are operated by the 76 Products unit in Costa Mesa and include three California refineries, oil and business systems and more than 1,100 Union 76 stations in six states. Unocal is ending its 106 years as an oil producer and is part of a strategy of concentrating on foreign exploration.

Various regulatory agencies and shareholders of Connecticut-based Tosco must approve the sale, which is expected to close early next year.