UNION PACIFIC <UNP> IN PARTNERSHIP WITH PDVSA Union Pacific Corp said it will enter a 50-50 partnership with Petroles de Venezuela, PDVSA, to own and operate Union Pacific's 160,000 barrel-per-day Corpus Christi, Texas, oil refinery. The assests to be acquired by the partnership are valued at 190 mln dlrs, Union Pacific said. Closing is expected to take place in early April and the venture is to be called Champlin Refining Co. The partnership will acquire the refining and distribution systems currently owned and operated by Champlin Petroleum, a wholly owned subsidiary of Union Pacific. The venture will acquire the related inventories and the Champlin trade name, the company said. PDVSA and Union Pacific will each contribute half the capital required by the venture and arrange a revolving credit facility with U.S. and foreign banks to finance inventories and receivables, Union Pacific said. Petroles de Venezuela also signed a 25-year agreement to supply at least 140,000 bpd of Venezulean crude oil and naphtha to the refinery at market related prices. Under various options the in the agreement PDVSA could supply another 50,000 bpd on similar terms, the company said. "This will provide a stable, long-term supply to the refinery at competitive costs, thereby assuring the economic viability of the plant," a statement issued by Union Pacific said. The statement said the agreement with PDVSA will enable the company to supply a steady flow of refined products to its customers. Union Pacific said employees of the refinery would be transfered to the new company and would retain the same benefits as in the past.