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Show Tosco buys refinery for oil shale Tosco Corporation and Sun Company announced this week that Tosco has agreed to purchase from Sun its refinery at Duncan, Okalhoma. The $140 million cash transaction is subject to drafting of definitive documents, receipt of necessary approvals of various federal agencies and the approval ap-proval of the two companies' Boards of Directors. Tosco's President and Chief Executive Officer Morton M. Winston commented: "The 48,500 barrel-per-day facility is unusually sophisticated for its region in that it can process heavy sour crudes. It therefore fits well with Tosco's approach to refining, which is to concentrate on less desirable, hence more plentiful crudes." Winston also said that the acquisition is intended to enhance Tosco's ability to move forward with its oil shale development plans. Tosco expects to apply for a federal loan guarantee under the new Energy Security Act to assist in the construction of its share of the Colony Project, the nation's first commercial oil shale plant now being undertaken jointly with Exxon Corporation Cor-poration in western Colorado. |
