-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
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<SEC-DOCUMENT>0000007694-02-000091.txt : 20020918
<SEC-HEADER>0000007694-02-000091.hdr.sgml : 20020918
<ACCEPTANCE-DATETIME>20020918154108
ACCESSION NUMBER:		0000007694-02-000091
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020916
FILED AS OF DATE:		20020918

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WATERS FRANK L
		CENTRAL INDEX KEY:			0001166069
		RELATIONSHIP:				OFFICER

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		500 DIEDERICH BLVD
		CITY:			RUSSELL
		STATE:			KY
		ZIP:			41169
		BUSINESS PHONE:		606 329 3823

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHLAND INC
		CENTRAL INDEX KEY:			0000007694
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160]
		IRS NUMBER:				610122250
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02918
		FILM NUMBER:		02766943

	BUSINESS ADDRESS:	
		STREET 1:		50 E. RIVERCENTER BOULEVARD
		CITY:			COVINGTON
		STATE:			KY
		ZIP:			41012
		BUSINESS PHONE:		6068153333

	MAIL ADDRESS:	
		STREET 1:		50 E. RIVERCENTER BOULEVARD
		CITY:			COVINGTON
		STATE:			KY
		ZIP:			41012

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL & REFINING CO
		DATE OF NAME CHANGE:	19700806

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.txt
<DESCRIPTION>FORM 4 - SEPTEMBER 16, 2002
<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
   Waters, Frank L.

   5200 Blazer Parkway
   Dublin, Ohio  43017
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
   September 16, 2002
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)
   Vice President
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               |      |    | |                  |   |           |670 (1)            |I     |By Trustee                 |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |1,284 (2)          |I     |By Trustee                 |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |129                |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |13 (3)             |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 (4)            |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |97   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|250    |       |250         |D  |            |
                      |        |     |    | |           |   |98   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |39.00   |     |    | |           |   |9-19-|10-19|Common Stock|250    |       |250         |D  |            |
                      |        |     |    | |           |   |99   |-06  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5)            |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |98   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |99   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |53.375  |     |    | |           |   |9-18-|10-18|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |00   |-07  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5)            |48.00   |     |    | |           |   |9-17-|10-17|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |99   |-08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |48.00   |     |    | |           |   |9-17-|10-17|Common Stock|250    |       |250         |D  |            |
                      |        |     |    | |           |   |00   |-08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |48.00   |     |    | |           |   |9-17-|10-17|Common Stock|250    |       |250         |D  |            |
                      |        |     |    | |           |   |01   |-08  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5)            |36.625  |     |    | |           |   |9-16-|10-16|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |00   |-09  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |36.625  |     |    | |           |   |9-16-|10-16|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |01   |-09  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |36.625  |     |    | |           |   |9-16-|10-16|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |02   |-09  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |36.625  |     |    | |           |   |9-16-|10-16|Common Stock|2,500  |       |2,500       |D  |            |
                      |        |     |    | |           |   |03   |-09  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |36.380  |     |    | |           |   |9-20-|10-20|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |02   |-11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |36.380  |     |    | |           |   |9-20-|10-20|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |03   |-11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |36.380  |     |    | |           |   |9-20-|10-20|Common Stock|500    |       |500         |D  |            |
                      |        |     |    | |           |   |04   |-11  |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6)            |45.99   |     |    | |           |   |1-30-|2-29-|Common Stock|6,500  |       |6,500       |D  |            |
                      |        |     |    | |           |   |03   |12   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |45.99   |     |    | |           |   |1-30-|2-29-|Common Stock|3,250  |       |3,250       |D  |            |
                      |        |     |    | |           |   |04   |12   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |45.99   |     |    | |           |   |1-30-|2-29-|Common Stock|3,250  |       |3,250       |D  |            |
                      |        |     |    | |           |   |05   |12   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (7)|1-for-1 |9-16-|J   |V|194        |A  |     |     |Common Stock|194    |$28.90 |23,019      |D  |            |
                      |        |02   |    | |           |   |     |     |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of
8-31-02.
2. Based on Employee Savings Plan information as of 8-5-02,  the latest date
for which such information is reasonably available.
3. Shares held in Ashland's  Open Enrollment Dividend Reinvestment and Stock
Purchase Plan as of June 15, 2002.
4.  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.
5.  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.
6 . Employee stock option (represents a right to buy Ashland Common Stock)
granted  pursuant to Ashland's Amended and Restated Incentive Plan.  The
employee stock option includes a tax
withholding feature pursuant to the
plan.
7.  Common Stock Units acquired pursuant to Ashland's 1995 Deferred
Compensation Plan as of 9-16-02 ,  and exempt under Rule 16b-3(d).  (One (1)
Common Stock Unit in the 1995 Deferred
Compensation Plan is the equivalent of one (1) share of Ashland Common
Stock)feature pursuant to the plan.
SIGNATURE OF REPORTING PERSON
Amelia A. McCarty - Attorney-in-Fact
DATE
September 16, 2002

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