Printer Friendly

TOSCO CORPORATION ENTERS INTO LETTER OF INTENT WITH NORTHVILLE INDUSTRIES TO LEASE LONG ISLAND DISTRIBUTION SYSTEM

 STAMFORD, CONN., June 8 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) and Northville Industries Corporation today announced that they have entered into a letter of intent for a long-term lease by Tosco Corporation of Northville Industries' Long Island wholesale petroleum rack and terminal distribution system, which includes Northville's Port Jefferson, Setauket, Holtsville, and Plainview receiving, terminalling and interconnecting pipeline systems.
 Thomas D. O'Malley, Tosco's chairman, CEO & president, said, "acquiring the use of this large, modern distribution system - without major capital outlay - will provide an efficient outlet for a substantial portion of the distillate production of our Bayway Refinery and represents a significant market presence in one of the largest heating oil and petroleum product markets in the country."
 Jay H. Bernstein, Northville's chairman, said, "the leasing of our Long Island distribution system and wholesale business to Tosco will provide a reliable source and distribution network to all Long Island customers and will enable us to focus on our expanding trading activities, the use and possible expansion of our Linden, New Jersey Terminal and the continued operation of our retail gasoline system."
 Completion of the transaction is subject to the satisfaction of certain conditions including normal due diligence.
 Tosco Corporation also announced that it has declared a second quarter dividend of $0.15 on its common stock, $0.75 par value, payable to common stockholders of record on June 18, 1993 for payment on June 30, 1993.
 Tosco Corporation is a large independent refiner and wholesale marketer of petroleum products and now produces approximately 400,000 barrels per day or slightly less than 3 percent of the petroleum products produced in the United States.
 -0- 6/8/93
 /CONTACT: Jefferson F. Allen or Daniel P. Mulberry, both of Tosco Corporation, 203-977-1000, or Joseph J. Ackell of Northville Industries Corporation, 516-753-4216/
 (TOS)


CO: Tosco Corporation; Northville Industries Corporation ST: Connecticut IN: OIL SU: CON

TM -- NY005 -- 6394 06/08/93 09:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 8, 1993
Words:319
Previous Article:MARINER HEALTH GROUP, INC. ANNOUNCES PUBLIC OFFERING OF 3,500,000 SHARES OF COMMON STOCK
Next Article:AURA SYSTEMS ACQUIRES ALLIANT TECHSYSTEMS CERAMICS CENTER
Topics:


Related Articles
TOSCO ENTERS LETTER OF INTENT FOR PURCHASE OF RIVERHEAD TERMINAL FROM NORTHVILLE INDUSTRIES
LEVIATHAN GAS PIPELINE PARTNERS, L.P., ANNOUNCES PIPELINE EXTENSION
TOSCO CORPORATION COMPLETES ACQUISITION OF BP'S CALIFORNIA RETAIL SYSTEM
TOSCO CORPORATION TO BUY BP'S NORTHEAST MARKETING AND REFINING ASSETS
Tosco Corporation Announces Developments in Lubricants and San Francisco Refining Operations
76 Lubricants, Exxon Reach Base Stock Agreement
76 Lubricants, Exxon Reach Base Stock Agreement
Tosco Corporation Announces a 15 Year Crude Oil Supply Contract with Nuevo Energy Company.
Tosco Corporation Announces That it Has Entered Into an Agreement to Purchase The Wood River Refinery from Equilon Enterprises Llc.
Tosco Corporation Announces Agreement to Sell the Avon Refinery To Ultramar Diamond Shamrock.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters