Unocal to Create Energy Trading Unit

Unocal Corp. said it will create a separate unit for its energy trading business and will expand the business by opening trading offices outside the U.S. and handling trades for other companies. Details of the trading expansion will be announced at a news conference Monday. Earnings from Unocal’s trading operations currently aren’t broken out by the oil and gas company in its quarterly reports. The new unit, to be called Unocal Global Trade, will build upon Unocal’s experience in trading contracts for oil and natural gas, as well as its involvement in projects for independent power production. The unit will be based at Unocal offices in Sugar Land, Texas. It will have trading operations in Asia and Canada. El Segundo-based Unocal in the last year sold its California oil and gas properties and its West Coast refining and retail gasoline assets in order to focus on oil and gas exploration and power production, particularly in Asia. Unocal shares rose 56 cents to close at $40.38 on the NYSE.