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DUFF & PHELPS: TOSCO TO PURCHASE BRITISH PETROLEUM REFINING AND MARKETING ASSETS

 CHICAGO, Sept. 29 /PRNewswire/ -- Tosco Corporation announced that it reached an agreement with BP Oil Company of Cleveland, Ohio for the acquisition by Tosco of the 85,000 barrels per day Ferndale, Wash. refinery as well as BP's Pacific Northwest retail marketing assets located in Washington and Oregon and product terminals in Renton and Tacoma, Wash.
 The retail assets consist of 105 company-owned stations, 27 leased stations, and a marketing network serving 377 independently owned, BP branded outlets. Tosco will continue to operate the retail network under the BP brand. The retail network represents over 16 percent of the two state market.
 The purchase price of the assets will amount to $125 million plus an additional $50 million for the refinery inventories at the close of the transaction which could occur as early as yearend 1993. Tosco will be indemnified against any environmental liabilities associated with the assets. The purchase of the assets will be financed through the use of both debt and equity.
 Duff & Phelps will continue to evaluate the acquisition and its impact on Tosco as economics of the transaction and its financing become available. Currently, Duff & Phelps rates Tosco's first mortgage bonds `BBB-' (triple B minus) and its cumulative convertible preferred stock `BB' (double B).
 -0- 9/29/93
 /CONTACT: Thomas E. Lewis of Duff & Phelps, 312-630-4568/


CO: Tosco Corporation; BP Oil Company ST: Ohio IN: OIL SU:

MP -- NY060 -- 6899 09/29/93 14:39 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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