The fate of Unocal’s synfuels plant is in doubt.

Loan guarantees totaling $327 million for Unocal’s Parachute Creek, Colo., oil shale plant were dropped from a federal government spending bill signed into law this week by President Reagan. The Los Angeles-based oil company, however, said the project is proceeding on the basis of previously signed contracts with the plant’s prime sponsor, the quasi-public U.S. Synthetic Fuels Corp. The oil shale plant already has commitments for $900 million in price supports from two federal agencies.