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TOSCO ENTERS LETTER OF INTENT FOR PURCHASE OF RIVERHEAD TERMINAL FROM NORTHVILLE INDUSTRIES

 TOSCO ENTERS LETTER OF INTENT FOR PURCHASE OF
 RIVERHEAD TERMINAL FROM NORTHVILLE INDUSTRIES
 STAMFORD, Conn., Jan. 9 /PRNewswire/ -- Tosco Corporation (NYSE: TOS) today announced that it has entered into a letter of intent for the purchase of the Riverhead Terminal from Northville Industries Corp. of Melville, N.Y.
 The terminal is a five million barrel petroleum storage facility located in eastern Long Island and includes deep water marine facilities capable of accommodating vessels of up to 62 foot draft. A significant portion of the terminal storage capacity is under long-term contract to third parties and it is anticipated Northville Industries will enter into a long-term terminalling arrangement.
 Tosco today also announced that a wholly owned subsidiary, Riverhead Marine Corporation, completed the purchase of a 38,000 DWT American flag petroleum product tanker named the Riverhead Spirit.
 Acquisition of the ship and terminal will give Tosco added international commercial flexibility, improve its ability to move products from the West Coast, and enhance its access to the active East Coast markets. Consummation of the terminal transaction is subject to the satisfaction of certain conditions, including completion of an environmental review.
 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- 1/9/92
 /CONTACT: Jefferson F. Allen or Daniel P. Mulderry of Tosco, 203-977-1000/
 (TOS) CO: Tosco Corporation; Northville Industries Corp. ST: Connecticut, New York IN: OIL SU: TNM


JT -- NY006 -- 8065 01/09/92 08:47 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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