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Toscopetro Corporation history
Toscopetro Corporation company history timeline
The company was founded on October 25, 1928, in Uchisaiwai-cho, Kojimachi-ku, Tokyo.
Tosco was founded in 1955 under the name Oil Shale Corporation by a group of investors headed by Hein Koolsbergen.
He made his first contacts with Oil Shale Corporation in 1961 and joined the company shortly thereafter.
In 1970 it acquired the Signal Oil & Gas refinery in Bakersfield, California, for $22.5 million.
In the power struggle that ensued, Winston won, becoming chief executive officer in 1976, and Koolsbergen was forced out.
In 1982 Exxon announced that it was withdrawing from the Colony project, effectively dooming it.
Late in 1982 it agreed to acquire Credit Immobilier, a Swiss investment concern that owned a 30 percent stake in AZL Resources.
In January 1983 it acquired all remaining outstanding common shares of AZL Resources.
Feeling that a change of leadership was necessary, Tosco's directors forced Talbot to resign in June of 1986 and replaced him two months later with company chairman Clarence Frame.
In 1989 the company acquired Seminole Fertilizer, but this did not stop the widespread takeover speculation and uncertainty over Tosco's status.
In December 1992 the company acquired Exxon's Bayway refinery, located in Linden, New Jersey, for $175 million.
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