Pauley Petroleum Inc. said it will acquire...

Pauley Petroleum Inc. said it will acquire the bankrupt Fletcher Oil & Refining Co., owner of a 30,000 barrel-a-day oil refinery in Long Beach, for about $8 million. Pauley is a longtime independent Los Angeles oil firm recently taken over by retired Atlantic Richfield Chairman Robert O. Anderson and British investors. The purchase at what is considered a bargain price for a refinery will more than double Pauley’s capacity, which now consists of a 22,000-barrel-per-day refinery in Newhall. The plan has been approved by the Federal Bankruptcy Court and is to become effective March 1, Pauley said.