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TOSCO COMPLETES ACQUISITION OF BAYWAY REFINERY

 STAMFORD, Conn., April 8 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) announced today that it completed the acquisition of the Bayway Refinery located in Linden, N.J. from Exxon Company U.S.A. Bayway, purchased by Tosco's wholly-owned subsidiary Bayway Refining Company, is the largest U.S. East Coast refinery and is expected to produce some 240,000 barrels per day of petroleum products.
 Tosco's Chairman and CEO, Thomas D. O'Malley, stated, "We are extremely pleased to acquire this major asset which will not only double the company's revenue on an annual basis, but should provide for more stable earnings and cash flow as well. Tosco has made a major step forward in its strategy to focus on petroleum refining and associated businesses, and upon the completion of the sale of the bulk of the assets of its phosphate fertilizer operations will be a tightly focused and important independent U.S. refiner."
 Bayway Refining Company President, Dwight L. Wiggins, commented, "We are looking forward to developing Bayway into a major marketing presence on the East Coast. We are proud of the experienced operational, marketing, accounting and other support personnel that have been hired. All of us are eager to serve the many wholesale customers in our marketing area as well as work with our local communities to build upon the strong relationship that currently exists. I would also like to acknowledge the comprehensive support provided by State authorities that aided us greatly in our efforts to maintain this business in New Jersey."
 Tosco Corporation has financed the bulk of the $175 million Bayway purchase through a recent private placement of $150 million of 8-1/4 percent First Mortgage Bonds secured by the Bayway Refinery, due in the year 2003. Tosco has also established additional revolving credit facilities to secure funding of the company's enhanced working capital requirements.
 Tosco Corporation is one of the largest independent refiners of petroleum products in the United States producing approximately 400,000 barrels per day, or somewhat less than 3 percent of total U.S. daily production of petroleum products.
 -0- 04/08/93
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco Corp., 203-977-1000/
 (TOS)


CO: Tosco Corporation ST: Connecticut, New Jersey IN: OIL SU: TNM

AH -- NY031 -- 4267 04/08/93 13:07 EDT
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Publication:PR Newswire
Date:Apr 8, 1993
Words:380
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