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Show Standard! Oil buys Ohmemtmn Standard Oil Company of California (SOCAL) announced Tuesday the purchase pur-chase of 50 percent of the stock of American Gilsonite Company from Barber Oil Corporation for $22 million. SOCAL has owned 50 percent of American Gilsonite Co. since after World War II and now totally owns the corporation. Barber Oil is in volunteer liquidation, according to SOCAL officials. of-ficials. American Gilsonite mines a hydrocarbon, hydro-carbon, after which the- company is named, in vertical shafts in the Bonanza Bonan-za area of Uintah County. Gilsonite is used for inks, sealers, binders, and graphite. Over 100,000 tons a year of the material is sold and produced at Bonanza. Bonan-za. American Gilsonite also owns undeveloped oil shale lands. According to SOCAL officials, no changes in the method of mining and personnel will be made by the new owner and the operation will remain the same. American Gilsonite has 120 employees headquartered in Salt Lake City and at its mine operaton in Bonanza. Bonan-za. Last week SOCAL's subsidiary, Chevron USA, Inc., entered a purchase agreement to acquire the Utah phosphate and fertilizer holding ' of Stauffer Chemical Company for $130 million. |