Foster Wheeler and Tosco reported a joint venture.

A subsidiary of the Livingston, N.J.-based company plans an $89-million, 90-megawatt co-generation plant near Tosco’s Avon, Calif., refinery. When completed in 1987, the plant will provide Santa Monica-based Tosco with less expensive steam and electricity for its refinery. Wheeler said it plans to sell extra electricity to Pacific Gas & Electric.