<SUBMISSION>
<ACCESSION-NUMBER>0000007694-01-000012
<TYPE>424B2
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20010131
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ASHLAND INC
<CIK>0000007694
<ASSIGNED-SIC>1600
<IRS-NUMBER>610122250
<STATE-OF-INCORPORATION>KY
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B2
<ACT>33
<FILE-NUMBER>333-36888
<FILM-NUMBER>1519827
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
<PHONE>6068153333
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 E. RIVERCENTER BOULEVARD
<CITY>COVINGTON
<STATE>KY
<ZIP>41012
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ASHLAND OIL & REFINING CO
<DATE-CHANGED>19700806
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>PRICING SUPPLEMENT NO. 2 1/30/01
<TEXT>

                                             For SEC Filing Purposes:
                                             Filed under Rule 424(b)(2)
                                             Registration No. 333-36888

              Pricing Supplement No. 2 Dated January 30, 2001

                    To Prospectus Dated May 19, 2000 and
                  Prospectus Supplement Dated May 23, 2000

                                $300,000,000

                                ASHLAND INC.

                        MEDIUM-TERM NOTES, SERIES J

                  Due 9 Months or More from Date of Issue

                                 (Fixed Rate)

                       Principal Amount: $50,000,000

           (Total Principal Amount Issued to Date: $300,000,000)

   Original Issue Date:                              February 2, 2001

   Maturity Date:                                    August 15, 2005

   Interest Rate:                                    7.83%

   Record Date:                                      February 1 and August 1

   Interest Payment Date:                            February 15 and August 15

   Issue Price:                                      104.1560

  Redemption:

  Check box opposite applicable paragraph.

  |X| The Notes cannot be redeemed prior to maturity.

  |_|      The Notes may be redeemed prior to maturity.

  Commission to be paid to agent:                               $225,000

  Agent's Commitment:

   Name                                                         Principal Amount
  ------                                                        ----------------
  Banc of America Securities LLC                                $50,000,000

</TEXT>

</DOCUMENT>
</SUBMISSION>
