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PREMCOR PRICES INITIAL PUBLIC OFFERING OF 15 MILLION COMMON SHARES

Premcor Inc. priced an initial public offering (IPO) of 15 million common shares last week at an estimated range of $22 to $24 per share. The offering will be primary shares of the merchant refiner, which recently moved its headquarters from St. Louis to Old Greenwich, Conn. Premcor expects its

common shares to trade under the "PCO" symbol on the New York Stock Exchange once they are issued. Morgan Stanley and Co. is lead manager and sole book-runner of the IPO. Credit Suisse First Boston Corp. is co-lead manager, with Goldman, Sachs and Co.; Salomon Smith Barney Inc.; Deutsche Bank Securities and Bear, Stearns and Co. Inc. as co-managers. Premcor granted the underwriters an option to purchase up to 2.25 million additional common shares to cover any over-allotments.

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