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CONTINENTAL GRAIN-TOSCO JOINT VENTURE LAUNCHED

 CONTINENTAL GRAIN-TOSCO JOINT VENTURE LAUNCHED
 STAMFORD, Conn., Oct. 30 /PRNewswire/ -- Continental Grain Company


and Tosco Corporation (NYSE: TOS) today announced the launch of Continental-Tosco Limited Partnership, their joint venture global petroleum trading enterprise. Continental-Tosco is project-oriented and will trade physical cargoes of crude oil and petroleum products as well as derivative products and futures. It will also manage commercial activities at the deep water Tosco terminal at Riverhead, N.Y. and has leased storage capacity at the terminal. Continental-Tosco is headquartered in Stamford, has offices in California and Singapore and intends to open a European office.
 Continental Grain Company and Tosco Corporation see the new venture as offering new commercial opportunities which capitalize upon the strengths of both companies. Continental Grain Company, one of the world's largest agri-business enterprises, will use Continental-Tosco to extend its trading business in the energy field. Continental-Tosco will build upon the petroleum trading activities which were previously conducted by Tosco Energy Corporation and capitalize on the opportunities provided by the worldwide infrastructure of Continental Grain.
 Paul J. Fribourg, executive vice president of Continental Grain Company stated, "Continental is excited by the prospect of using its global network to develop opportunities for Continental-Tosco to trade in physical cargoes and derivative products in the petroleum market. We look upon the new venture as a significant addition to our existing capabilities in other product markets around the world."
 Thomas D. O'Malley, chairman of Tosco stated, "Tosco expects Continental-Tosco to expand the crude oil and petroleum product trading business which was previously operated through our subsidiary, Tosco Energy Corporation. Continental's global reach and experience will complement our petroleum marketing expertise."
 Robert J. Lavinia will be president and chief executive officer of Continental-Tosco, Inc. and James L. DuPay will be executive vice president and chief operating officer. Mr. Lavinia, 45, was formerly president and chief executive officer of Hill Petroleum and held other senior positions at Phibro Energy. Mr. DuPay, 44, is currently senior vice president and general manager of Continental Grain's LPG Division. Continental-Tosco, Inc. is the general partner of the new venture.
 Continental Grain Company, one of the world's largest agribusinesses, is a leading merchandiser of agricultural commodities and energy-related products, a manufacturer and marketer of agri- products, and a producer and processor of foods. Continental is a privately-held company headquartered in New York City.
 Tosco Corporation, headquartered in Stamford, is a large publicly- owned independent refiner and wholesale marketer of petroleum products on the West Coast of the United States and internationally, and is also one of the largest U.S. manufacturers and exporters of phosphate-based fertilizer products.
 -0- 10/30/92
 /CONTACT: Robert J. Lavinia or James L. DuPay of Continental-Tosco, 203-977-1010/
 (TOS) CO: Tosco Corporation; Continental Grain Company ST: Connecticut, New York IN: OIL SU: JVN


AH -- NY086 -- 7264 10/30/92 16:00 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:470
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