                                EXHIBIT 21

                           LIST OF SUBSIDIARIES

     Subsidiaries of Ashland Inc. ("AI") at September 30, 2004, included
the companies listed below. Ashland has numerous unconsolidated affiliates,
which are primarily accounted for on the equity method, and majority-owned
consolidated subsidiaries in addition to the companies listed below. Such
affiliates and subsidiaries are not listed below since they would not
constitute a significant subsidiary considered in the aggregate as a single
entity.
<TABLE>
<CAPTION>

                                                                Jurisdiction of                     Immediate
                        Company                                  Incorporation                      Parent*
                        -------                                  -------------                     -----------

<S>                                                           <C>                      <C>
APAC-Arkansas, Inc........................................          Delaware                          APAC
APAC-Atlantic, Inc........................................          Delaware                          APAC
APAC-Kansas, Inc..........................................          Delaware                          APAC
APAC-Mississippi, Inc.....................................          Delaware                          APAC
APAC-Missouri, Inc........................................          Delaware                          APAC
APAC-Oklahoma, Inc........................................          Delaware                          APAC
APAC-Southeast, Inc.......................................           Georgia                          APAC
APAC-Tennessee, Inc.......................................          Delaware                          APAC
APAC-Texas, Inc...........................................          Delaware                          APAC
ASH GP LLC ("ASH GP").....................................          Delaware                          AIHI
ASH LP LLC ("ASH LP").....................................          Delaware                          AIHI
Ashland Canada Corp. .....................................     Nova Scotia, Canada                    ACHBV
Ashland Canada Holdings B.V. ("ACHBV")....................         Netherlands                        AHBV
Ashland Chemical Hispania, S.L............................            Spain                           AIHI
Ashland France SAS........................................           France                           AHBV
Ashland Holdings B.V. ("AHBV")............................         Netherlands                        ATCV
Ashland International Holdings, Inc. ("AIHI").............          Delaware                           AI
Ashland Italia S.p.A......................................            Italy                    ATCV 95% - AOCV 5%
Ashland Nederland B.V.....................................         Netherlands                        AHBV
Ashland Paving And Construction, Inc. ("APAC")............          Delaware                           AI
Ashland Services B.V. ("ASBV")............................         Netherlands                        AHBV
Ashland UK Limited........................................       United Kingdom                       AHBV
Ashmont Insurance Company, Inc. ..........................           Vermont                           AI
AshOne C.V. ("AOCV") .....................................         Netherlands          ASH LP 1% - AIHI 98% - ASH GP 1%
AshTwo C.V. ("ATCV")......................................         Netherlands             AIHI 10% - AOCV 89% - ASH GP 1%
Marathon Ashland Petroleum LLC............................          Delaware                         AI 38%
Valvoline (Australia) Pty. Limited........................          Australia                         AHBV
---------------
</TABLE>

*100% of the voting  securities are owned by the immediate parent except as
otherwise indicated.



