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                                  EXHIBIT 99.1



                          GEON, OXYCHEM JOINT VENTURES
                     GET FEDERAL TRADE COMMISSION CLEARANCE


CLEVELAND, OHIO -FEBRUARY 2, 1999 - The Geon Company (NYSE: GON) announced today
that the Federal Trade Commission (FTC) has closed its inquiry into the joint
ventures planned between Geon and Occidental Chemical Corporation (OxyChem), a
subsidiary of Occidental Petroleum Corporation (NYSE: OXY). Closing of the
inquiry means Geon and OxyChem are able to proceed with the joint venture
transactions.

FTC review was just one step in the formation of the joint ventures. Geon and
OxyChem completed definitive agreements and Geon's board of directors approved
the agreements on December 22, 1998. The next steps are review of the proxy by
the Securities and Exchange Commission, approval by Geon shareholders and
approval by the board of directors of Occidental Petroleum Corporation.

Geon anticipates closing the transactions by the end of the first quarter of
1999.

Geon and OxyChem are forming a joint venture that will combine all of Geon's
polyvinyl chloride (PVC) suspension/mass resin and vinyl chloride monomer (VCM)
facilities with OxyChem's PVC suspension/mass resin and VCM facilities and its
Houston chlor-alkali complex. The joint venture, to be named Oxy Vinyls, LP (Oxy
Vinyls), will be owned 76 percent by OxyChem and 24 percent by Geon.

Geon will acquire OxyChem's PVC compounding and flexible vinyl film businesses
located at Burlington, New Jersey, and OxyChem's pellet compounding businesses
in Pasadena, Texas. In addition, the two companies will form a separate joint
venture in PVC powder compounding, to be owned 90 percent by Geon and 10 percent
by OxyChem. Included in the powder joint venture are OxyChem's Pasadena, Texas,
powder compounding plant and Geon's Plaquemine, Louisiana, plant.

The Geon Company is a leading North American-based polymer service and
technology company with operations in PVC compounds, specialty PVC resins and
other value-added products and services, as well as in PVC resins. Headquartered
in Avon Lake, Ohio, The Geon Company and its subsidiaries employ over 2,400
people and have 24 manufacturing plants in the United States, Canada, England
and Australia and joint ventures in the United States, England, Australia and
Singapore. Geon recorded revenues of $1.28 billion for the year ended December
31, 1998. Information on the Company's products and services, as well as news
releases, EDGAR filings, Form 10-K, 10-Q, etc. is available on the Internet at
http://www.geon.com.