Unocal in Venture for Power Plant in Thailand
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Unocal Corp. said Wednesday that it will develop a $350-million power plant in Thailand with Westinghouse Electric Corp., marking the first time private companies will own a generating facility there.
El Segundo-based Unocal will have 24% of the plant, Thai Oil Power Co. will own 56% and Westinghouse Electric will have 20%. The plant to be built is expected to start production in 1999.
Unocal is expanding into Asian power sales as it exits California’s oil market. On Tuesday, it completed the $2-billion sale of its West Coast operations to Tosco Corp.
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