STANDARD &lt;SRD> REFERRING BP &lt;BP> BID TO GROUP
  Standard Oil Co said British
  Petroleum Co Plc's proposed offer of 70 dlrs a share for the 45
  pct of Standard's stock not held by BP is being referred to a
  special committee of the company's board.
      This committee, which is composed of the independent,
  non-exective directors of the company, was formed in April 1986
  for the purpose of monitoring the relationship between Standard
  Oil and BP.
      Standard said the group will consider BP's offer in due
  course noting the committee has retained the First Boston Corp
  and Cravath Swaine and Moore as advisers.               
  

