-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000007694-98-000007.txt : 19980112
<SEC-HEADER>0000007694-98-000007.hdr.sgml : 19980112
ACCESSION NUMBER:		0000007694-98-000007
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19971231
FILED AS OF DATE:		19980109
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHLAND INC
		CENTRAL INDEX KEY:			0000007694
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				610122250
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	001-02918
		FILM NUMBER:		98503587

	BUSINESS ADDRESS:	
		STREET 1:		1000 ASHLAND DRIVE
		CITY:			RUSSELL
		STATE:			KY
		ZIP:			41169
		BUSINESS PHONE:		6063293333

	MAIL ADDRESS:	
		STREET 1:		P O BOX 391
		CITY:			ASHLAND
		STATE:			KY
		ZIP:			41101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL & REFINING CO
		DATE OF NAME CHANGE:	19700806
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			CHELLGREN PAUL W
	CENTRAL INDEX KEY:			0001023533
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>OFFICER

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		PO BOX 391
	CITY:			ASHLAND
	STATE:			KY
	ZIP:			41114
	BUSINESS PHONE:		6063293333

MAIL ADDRESS:	
	STREET 1:		C/O ASHLAND INC
	STREET 2:		1000 ASHLAND DRIVE PO BOX 391
	CITY:			RUSSELL
	STATE:			KY
	ZIP:			41169
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<DESCRIPTION>FORM 4 - DECEMBER 31, 1997
<TEXT>

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Chellgren, Paul W.
   
   1000 Ashland Drive
   Russell, KY  41169
2. Issuer Name and Ticker or Trading Symbol
   Ashland Inc.
   ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)
   ###-##-####
4. Statement for Month/Year
   December 31, 1997
5. If Amendment, Date of Original (Month/Year)
   
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
   (specify below)
   Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
1. Title of Security       |2.    |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                           | Transaction |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
<S>                        <C>    <C>  <C><C>               <C> <C>         <C>                 <C>    <C>
Common Stock               |      |    | |                  |   |           |10,217 (1)         |I     |By Trustee                 |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |12,539 (2)         |I     |By Trustee                 |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |60,000 (3)         |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |12-10-|G   |V|2,019             |D  |           |24,500             |D     |                           |
                           |97    |    | |                  |   |           |                   |      |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |883 (4)            |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con-  |3.   |4.    |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security            |version |Transaction | rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                      |or Exer |     |      | rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                      |cise    |     |      | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                      |Price of|     |      | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                      |Deriva- |     |      |               |Date |Expir|                    |       |ficially    |Ind|            |
                      |tive    |     |      |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                      |Secu-   |     |    | |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                      |rity    |Date |Code|V|  Amount   |   |ble  |     |                    |       |Month       |(I)|            |
___________________________________________________________________________________________________________________________________|
<S>                   <C>      <C>   <C>  <C><C>        <C> <C>   <C>   <C>          <C>     <C>     <C>          <C> <C>
Option (5)            |35.625  |     |    | |           |   |9-15-|10-15|Common Stock|4,375  |       |4,375       |D  |            |
                      |        |     |    | |           |   |89   |-98  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |35.625  |     |    | |           |   |9-15-|10-15|Common Stock|4,375  |       |4,375       |D  |            |
                      |        |     |    | |           |   |90   |-98  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |35.625  |     |    | |           |   |9-15-|10-15|Common Stock|4,375  |       |4,375       |D  |            |
                      |        |     |    | |           |   |91   |-98  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |35.625  |     |    | |           |   |9-15-|10-15|Common Stock|4,375  |       |4,375       |D  |            |
                      |        |     |    | |           |   |92   |-98  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |41.00   |     |    | |           |   |9-21-|10-21|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |90   |-99  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |41.00   |     |    | |           |   |9-21-|10-21|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |91   |-99  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |41.00   |     |    | |           |   |9-21-|10-21|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |92   |-99  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |41.00   |     |    | |           |   |9-21-|10-21|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |93   |-99  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |30.750  |     |    | |           |   |9-20-|10-20|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |91   |-00  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |30.750  |     |    | |           |   |9-20-|10-20|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |92   |-00  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |30.750  |     |    | |           |   |9-20-|10-20|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |93   |-00  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |30.750  |     |    | |           |   |9-20-|10-20|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |94   |-00  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |30.50   |     |    | |           |   |9-19-|10-19|Common Stock|12,500 |       |12,500      |D  |            |
                      |        |     |    | |           |   |92   |-01  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |30.50   |     |    | |           |   |9-19-|10-19|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |93   |-01  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |30.50   |     |    | |           |   |9-19-|10-19|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |94   |-01  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |23.875  |     |    | |           |   |9-21-|10-21|Common Stock|15,000 |       |15,000      |D  |            |
                      |        |     |    | |           |   |93   |-02  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |23.875  |     |    | |           |   |9-21-|10-21|Common Stock|7,500  |       |7,500       |D  |            |
                      |        |     |    | |           |   |94   |-02  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |23.875  |     |    | |           |   |9-21-|10-21|Common Stock|7,500  |       |7,500       |D  |            |
                      |        |     |    | |           |   |95   |-02  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |24.625  |     |    | |           |   |11-5-|12-5-|Common Stock|12,500 |       |12,500      |D  |            |
                      |        |     |    | |           |   |93   |02   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |24.625  |     |    | |           |   |11-5-|12-5-|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |94   |02   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |24.625  |     |    | |           |   |11-5-|12-5-|Common Stock|6,250  |       |6,250       |D  |            |
                      |        |     |    | |           |   |95   |02   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |33.125  |     |    | |           |   |9-16-|10-16|Common Stock|20,000 |       |20,000      |D  |            |
                      |        |     |    | |           |   |94   |-03  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |33.125  |     |    | |           |   |9-16-|10-16|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |95   |-03  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |33.125  |     |    | |           |   |9-16-|10-16|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |96   |-03  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (7)            |35.875  |     |    | |           |   |9-15-|10-15|Common Stock|20,000 |       |20,000      |D  |            |
                      |        |     |    | |           |   |95   |-04  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |35.875  |     |    | |           |   |9-15-|10-15|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |96   |-04  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |35.875  |     |    | |           |   |9-15-|10-15|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |97   |-04  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (7)            |33.875  |     |    | |           |   |9-21-|10-21|Common Stock|20,000 |       |20,000      |D  |            |
                      |        |     |    | |           |   |96   |-05  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |33.875  |     |    | |           |   |9-21-|10-21|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |97   |-05  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |33.875  |     |    | |           |   |9-21-|10-21|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |98   |-05  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (7)            |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|25,000 |       |25,000      |D  |            |
                      |        |     |    | |           |   |97   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|12,500 |       |12,500      |D  |            |
                      |        |     |    | |           |   |98   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|12,500 |       |12,500      |D  |            |
                      |        |     |    | |           |   |99   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (8)            |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|20,000 |       |20,000      |D  |            |
                      |        |     |    | |           |   |98   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |99   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|10,000 |       |10,000      |D  |            |
                      |        |     |    | |           |   |00   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (9)|1-for-1 |     |    | |           |   |     |     |Common Stock|23,756 |       |23,756      |D  |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1.  Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as 
of 3-31-96, the date of the 
final allocation to this 
account.
2.  Based on Employee Savings Plan information as of 1-1-98, the latest date 
for which such information is 
reasonably available, and includes transactions occurring on or after 11-17-97. 
3.  Shares of restricted common stock granted pursuant to Ashland's 1997 Stock 
Incentive Plan and exempt under 
Rule 16b-3.  The restricted common stock has been enrolled in Ashland's 
Dividend Reinvestment Plan.
4.  Shares held in Ashland's Dividend Reinvestment Plan as of 
12-15-97.
5.  Employee stock option (represents a right to buy Ashland Common Stock) 
granted pursuant to Ashland's 
Amended Stock Incentive Plan.  The employee stock option includes a tax 
withholding feature pursuant to the plan.
6.  Employee stock option (represents a right to buy Ashland Common Stock) 
granted pursuant to Ashland's 
Long-Term Incentive Plan.  The employee stock option includes a tax withholding 
feature pursuant to the plan.
7.  Employee stock option (represents a right to buy Ashland Common Stock) 
granted pursuant to Ashland's 1993 
Stock Incentive Plan.  The employee stock option includes a tax withholding 
feature pursuant to the plan.
8.  Employee stock option (represents a right to buy Ashland Common Stock) 
granted pursuant to Ashland's 1997 
Stock Incentive Plan.  The employee stock option includes a tax withholding 
feature pursuant to the plan.
9. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation 
Plan as of  9-30-97, payable 
in cash or stock upon termination of service and exempt under Rule 16b-3(d). 
SIGNATURE OF REPORTING PERSON
Paul W. Chellgren
DATE
January 5, 1998

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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