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CHEVRON NEGOTIATES WITH BUYER FOR PHILADELPHIA REFINERY

 SAN FRANCISCO, Dec. 3 /PRNewswire/ -- Chevron U.S.A. Products Co. today announced that it has entered into substantive discussions with Lincolnshire Management Inc. of New York regarding purchase of Chevron's Philadelphia Refinery.
 Lincolnshire Management is a private investment group that has successfully purchased and operated a number of U.S. businesses during the past decade.
 "While we've received a number of attractive offers for the refinery, we believe the Lincolnshire proposal will generate the greatest value for Chevron," said Peter McCrea, vice president in charge of the asset sales project. "We hope to reach a definitive agreement before the end of January."
 "After the closing, the Philadelphia-based refinery is intended to continue to operate as an independent merchant refinery, serving its customers in the northeastern United States while utilizing its present configuration, management team and work force," said W. James Tozer Jr., president of Lincolnshire Management Inc.
 Chevron last May announced plans to sell its Philadelphia and Port Arthur, Texas, refineries as part of a major restructuring of its U.S. refining and marketing business.
 The two refineries being sold don't fit Chevron's long-term plan to have a more strategically focused U.S. refining operation. The sales will improve cash flow and return on capital employed, and will reduce future capital investments required by the Clean Air Act and other environmental regulations.
 The deadline for accepting bids for the 177,000 barrel-per-day Port Arthur refinery is mid-December.
 -0- 12/3/93 R
 /CONTACT: Mike Libbey of Chevron, 415-894-4440; or W. James Tozer Jr. of Lincolnshire, 212-319-3633/


CO: Chevron U.S.A. Products Co.; Lincolnshire Management Inc. ST: California, Pennsylvania IN: OIL CHM SU:

RB -- SF003R -- 0202 12/03/93 12:02 EST
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Publication:PR Newswire
Date:Dec 3, 1993
Words:283
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