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TOSCO APPROVES CAPITAL PROGRAM FOR TOSCO REFINING

 TOSCO APPROVES CAPITAL PROGRAM FOR TOSCO REFINING
 STAMFORD, Conn., July 6 /PRNewswire/ -- Tosco Corporation


(NYSE: TOS) announced today that it has approved a $30 million capital program for its Tosco Refining Company that will allow the company to continue to provide its traditional volumes of diesel motor fuel to the California consumer after October, 1993, when new, more stringent diesel fuel specifications will take effect.
 Tosco Chairman and Chief Executive Officer Thomas D. O'Malley said the capital program represents a significant investment by Tosco for improved air quality in California. "We believe that the regulations now in place will have a very positive impact on reducing both visual and environmental pollution from diesel engines, now and in the future. As Tosco did in the past with its revolutionary marine vapor recovery system for gasoline, we wish to continue to be among the leaders in improving the quality of our environment."
 Tosco has filed all of the necessary permit applications with the appropriate authorities for new facilities that will be required and stressed that introduction of the clean diesel is contingent upon timely granting of the required permits. O'Malley added that Tosco is relying on public statements from California Air Resources Board officials that the regulations, as currently enacted, will go into effect on October 1, 1993.
 Tosco went on to disclose that as a result of the combination of high average production rates and good margins at its Avon Refinery during the second quarter, it anticipates strong earnings of approximately $46 million, or more than double those of the like quarter last year. These results were achieved despite losses at Seminole Fertilizer attributed to very weak pricing for its primary product - Diammonium Phosphate (DAP).
 Tosco also noted that its previously announced board of director's authorization to repurchase, from time-to-time, up to two million common shares or equivalents at market related prices was still in force and it anticipates it would be making purchases in accordance with that authorization over the coming months.
 Tosco Corporation is a large 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 international wholesale distributors of phosphate-based fertilizer products.
 -0- 7/6/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry both of Tosco Corporation, 203-977-1000/
 (TOS) CO: Tosco Corporation; Tosco Refining Company ST: Connecticut IN: OIL SU:


LD -- NY003 -- 6514 07/06/92 08:55 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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