Tosco completes purchase of the Irish National Petroleum operating assets

Tosco Corporation announced that it has completed the purchase of the operating assets of the Irish National Petroleum Corporation Limited. These include a 75,000 barrels per day refinery located in Cork, Ireland and an 8.5 million barrel, deep water crude oil and oil products storage complex located in Bantry Bay. The purchase price was $100 million plus the value of the crude oil and products inventory.

Thomas D. O'Malley, Tosco Chairman and Chief Executive Officer, said, "Tosco is pleased to have finalized the INPC purchase. The Whitegate Refinery has already been upgraded over the past several years so that it can produce low sulfur gasoline and diesel fuels required by the European Economic Community.

"The Bantry Bay Terminal will be a valuable link in our supply system. About half the capacity at Bantry Bay is leased on a long-term basis for the storage of Ireland's strategic petroleum reserves. The balance of the capacity will allow Tosco improved efficiencies in feeding its U.S. East Coast refining system, which totals about 450,000 b/d, and other operational flexibility."

Tosco Corporation, which currently has over $28 billion in annualized revenues, is the largest independent refiner and marketer of petroleum products in the United States, and is the nation's largest operator of company-controlled convenience stores.

Source: Tosco Corporation