TOSCO ANNOUNCES WITHDRAWAL FROM CONTINENTAL-TOSCO L.P.
STAMFORD, Conn., Nov. 9 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) and Continental Grain Company today announced that Tosco is withdrawing from participation in Continental-Tosco Limited Partnership, their joint venture founded approximately one year ago to pursue opportunities in trading physical quantities of petroleum and its products and counter-trade. Mr. Thomas D. O'Malley, Tosco's Chairman and Chief Executive Officer, stated, "While the venture has generally met the initial goals established, given Tosco's recent expansion on the U.S. East Coast, we believe it best for Tosco to focus its attention and capital on its core businesses of refining and marketing petroleum products. "We understand that Continental will continue to he actively engaged in the business and we look forward to continuing a mutually productive relationship with them." Tosco anticipates recovering its investment in the venture. The transaction is expected to be completed prior to year-end and is not expected to have a material effect on Tosco's financial results. Tosco Corporation is an independent refiner that processes and markets over 400,000 barrels per day of petroleum products, with operations on both the East and West Coasts of the United States. -0- 11/9/93 /Jefferson F. Allen or Daniel P. Mulderry, 203-977-1000, for Tosco Corporation/ (TOS)
CO: Tosco Corporation; Continental Grain Company ST: Connecticut IN: OIL SU:
SH -- NY052 -- 2191 11/09/93 10:41 EST
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|Date:||Nov 9, 1993|
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