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TOSCO ANNOUNCES AGREEMENT WITH STATOIL

 STAMFORD, Conn., March 25 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) announced today that it has entered into an agreement to acquire 60,000 barrels per day of crude oil from Statoil, which represents approximately 25 percent of the daily necessary crude and feedstock supply of its Bayway Refinery.
 Tosco's Chairman and CEO, Thomas D. O'Malley, stated, "Our goal at Bayway is to establish long-term contracts with first class companies for a substantial proportion of Bayway's daily supply requirement. Stat Oil is one such company which helps us to meet this goal."
 Statoil, the Norwegian state oil company, is the largest producer of North Sea crude oil, and one of the world's leading net exporters of light sweet crude oil, with a current annual production of about 1.2 million barrels per day out of a total Norwegian production of 2.2 million barrels per day.
 The transaction was done via Statoil's U.S. subsidiary, Statoil North America Inc. which is located in Stamford, Conn.
 Tosco Corporation is the largest independent refiner of petroleum products on the West Coast of the United States and would, with the acquisition of Bayway, produce approximately 400,000 barrels per day, or somewhat less than 3 percent of total U.S. daily production of petroleum products.
 -0- 3/25/93
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS)


CO: Tosco Corporation ST: Connecticut IN: OIL SU: TNM

PS -- NY015 -- 9483 03/25/93 10:20 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:244
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