-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AoRVYi6WOv+JFgSxi+C/aVKHTAWTg30KkuOxOqMywYpZbMrsFYgiRqmDbwZovHGR
 3tv8ujIJX2IC/DkoY7dufQ==

<SEC-DOCUMENT>0000007694-03-000167.txt : 20030922
<SEC-HEADER>0000007694-03-000167.hdr.sgml : 20030922
<ACCEPTANCE-DATETIME>20030922092118
ACCESSION NUMBER:		0000007694-03-000167
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030918
FILED AS OF DATE:		20030922

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02918
		FILM NUMBER:		03903476

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

ISSUER:		

	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

	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 INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL & REFINING CO
		DATE OF NAME CHANGE:	19700806
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c0001166069d20030922f4f.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-09-18</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000007694</issuerCik><issuerName>ASHLAND INC</issuerName>        <issuerTradingSymbol>ASH</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001166069</rptOwnerCik><rptOwnerName>WATERS FRANK L</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>5200 BLAZER PARKWAY</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>DUBLIN</rptOwnerCity><rptOwnerState>OH</rptOwnerState><rptOwnerZipCode>43017</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Vice President</officerTitle><otherText></otherText></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><no
nDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>149</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value></value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1580</value><footnoteId id="F2"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>401(k)</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>670</value><footnoteId id="F3"/></share
sOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>LESOP</value></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Stock Options (Right to buy)</value></securityTitle><conversionOrExercisePrice><value>34</value></conversionOrExercisePrice><transactionDate><value>2003-09-18</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F4"/></transactionCoding><transactionAmounts><transactionShares><value>15000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-09-18</value>
<footnoteId id="F5"/></exerciseDate><expirationDate><value>2013-10-18</value><footnoteId id="F5"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>15000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>15000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value></value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">20 of these shares are held in Ashland's  Open Enrollment Dividend Reinvestment and Stock Purchase Plan as of 9-15-03.</footnote><footnote id="F2">Based on Employee Savings Plan information as of 9-18-03, the latest date for which such information is reasonably available.</footnote><footnote id="F3">Shares accrued under Ashland's Leveraged Employe
e Stock Ownership Plan as of 8-31-03.</footnote><footnote id="F4">Grant of employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Amended and Restated Incentive Plan.</footnote><footnote id="F5">Employee stock option (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Amended and Restated Incentive Plan  which vests in three annual installments: 50% after the 1st year, the next 25% the 2nd year and the remaining 25% the 3rd year.  The employee stock option includes a tax withholding feature pursuant to the plan.</footnote></footnotes><ownerSignature><signatureName>M. Craig Hall</signatureName><signatureDate>2003-09-22</signatureDate></ownerSignature></ownershipDocument>

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