Exhibit 99

UNION CARBIDE NEWS RELEASE


CONTACT:  Lou Agnello                 FOR RELEASE:  Immediately
           203-794-3386

    UNION CARBIDE, ENICHEM TO FORM NEW POLYETHYLENE
                   COMPANY IN EUROPE
     DANBURY, Conn., Aug. 1 -- Union Carbide Corporation and EniChem SpA, 
Milan, Italy, today jointly announced that they intend to form a 50-50 
joint venture to produce and market polyethylene in Europe.  The two 
companies have signed a memorandum of understanding, and are proceeding 
with negotiation of definitive agreements.  They anticipate a first quarter 
1995 start up of the venture following European Community approval.
     The planned JV will take advantage of Union Carbide's world-leading 
UNIPOL Process technology and polyethylene business expertise and EniChem's 
extensive marketing network and production facilities to create a 
formidable force in European polyethylene markets.
     The new company will own EniChem's existing polyethylene operations in 
Italy, France and Germany.  These facilities have a combined low, linear-
low and high-density polyethylene capacity of about 2.9 billion pounds per 
year, among the largest of any producer in Europe.  Also included in the JV 
will be EniChem's olefins crackers at Brindisi and Dunkirk.  Additional 
ethylene will be sourced from other EniChem crackers.
     Initially, the new company will build an 880 million pounds-per-year 
UNIPOL PE Process facility at EniChem's Brindisi plant.  According to the 
business plan under discussion by the partners, UNIPOL PE plants would 
subsequently be built by the JV at strategic polyethylene sites throughout 
Europe.
     Union Carbide Chairman and CEO Robert D. Kennedy said, "The planned 
association with EniChem will bring leading edge UNIPOL technology to the 
co-leader in polyethylene production in Europe.  This combination, when 
followed up with projects to expand and upgrade existing facilities, will 
result in a highly competitive company with the lowest cost polyethylene 
production base on the Continent."
     Commenting on the agreement, EniChem President Dr. Marcello Colitti 
said, "It's a real turning point in the life of EniChem.  The company, 
which has already obtained the approval of the European Community for its 
recapitalization, is now in a position to advance its strategic 
development.  The planned joint venture will benefit from the significant 
cost reductions already achieved by EniChem and from the first signs of 
revitalization now seen in the markets."