Tosco to acquire Unocal downstream unit

In another significant move toward consolidation in the U.S. downstream sector, independent Tosco Corp., Stamford, Conn., has signed a letter of intent with El Segundo, Calif., major Unocal Corp. to purchase Unocal's West Coast refining/marketing division. Tosco will pay $1.4 billion for Unocal's 76 Products Co. operating fixed assets. It also will purchase about $400 million in inventories at closing and pay a portion of Unocal's environmental liabilities. Another aspect of the deal would allow Unocal to collect as much as $250 million in profit-sharing payments from Tosco the next 7 years, if there are substantial improvements in retail margins for California gas...

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