8-K

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                  SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

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                               Form 8-K
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                            CURRENT REPORT
                  PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

  Date of Report (Date of earliest event reported): February 9, 2004

                        GIANT INDUSTRIES, INC.
      (Exact name of registrant as specified in its charter)


         Delaware                 1-10398             86-0642718
(State of jurisdiction of    (Commission File)      (IRS Employer
      incorporation)              Number)         Identification No.


     23733 North Scottsdale Road
          Scottsdale, Arizona                         85255
(Address of principal executive offices)            (Zip Code)


           Registrant's telephone number, including area code
                            (480) 585-8888

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Item 5.   Other Events

     See press release attached hereto as Exhibit 99.




                            SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                        By: /s/ ROGER SANDEEN
                           -------------------------------------------
                           Roger Sandeen
                           Vice President and Chief Accounting Officer
                           (Principal Accounting Officer)

Date: February 12, 2004



                       INDEX TO EXHIBITS


Exhibit
Number        Description
- -------       ---------------------------------------------
  99          Press Release, dated as of February 9, 2004

EX-99

                                                           EXHIBIT 99
GIANT INDUSTRIES, INC.
NEWS RELEASE

Contact:  Mark B. Cox
          Vice President, Treasurer, & Chief Financial Officer
          (480) 585-8888

FOR IMMEDIATE RELEASE
February 9, 2004


     GIANT INDUSTRIES, INC. AND STATOIL MARKETING AND TRADING (USA),
         INC. ANNOUNCE SIGNING OF CRUDE OIL SUPPLY AGREEMENT


Scottsdale, Arizona (February 9, 2004) -- Giant Industries, Inc. [NYSE:
GI] and Statoil Marketing and Trading (USA), Inc. announced today that
they have entered into a long-term crude oil supply agreement. Under the
terms of the agreement, Statoil will commence supplies of acidic crude
oil in late February to Giant's Yorktown refinery. Following
metallurgical upgrades that are scheduled to take place in the third
quarter of this year, the supply will substantially increase. Statoil
will supply a significant proportion of Giant's Yorktown refinery's crude
oil needs over the five-year term of the agreement.

Fred Holliger, Giant's CEO said, "We have been working with Statoil for
the past several months on the terms of this agreement and we are very
pleased to announce this major event today. The opportunity to develop a
long-term crude oil supply relationship with Statoil is very exciting for
all of Giant's stakeholders."

Holliger continued, "The signing of this agreement is the completion of
another significant goal that we have had in our strategic plan since the
acquisition of our Yorktown refinery. When we acquired Yorktown, the
ability to process higher acid crude oil was an opportunity that we
believed could reduce crude oil costs, improve the high-value product
output and contribute significantly to higher earnings. This agreement
accomplishes these goals. The agreement is structured to meet our
strategic objectives, improve our competitiveness, and reduce the impact
of crude oil markets' pricing volatility."

Luann Smith, President of Statoil Marketing and Trading (US) Inc., says:
"We are very pleased to have concluded this long term agreement with
Giant. We look forward to a mutually beneficial relationship."

Giant Industries, Inc., headquartered in Scottsdale, Arizona, is a
refiner and marketer of petroleum products. Giant owns and operates one
Virginia and two New Mexico crude oil refineries, a crude oil gathering
pipeline system based in Farmington, New Mexico, which services the New
Mexico refineries, finished products distribution terminals in
Albuquerque, New Mexico and Flagstaff, Arizona, a fleet of crude oil and
finished product truck transports, and a chain of retail service
station/convenience stores in New Mexico, Colorado, and Arizona. Giant is
also the parent company of Phoenix Fuel Co., Inc., an Arizona wholesale
petroleum products distributor. For more information, please visit
Giant's website at www.giant.com.

Statoil Marketing and Trading (US) Inc, located in Stamford, Connecticut,
is a wholly owned subsidiary of Statoil A.S. Statoil is a major supplier
of crude oil, LPG, condensate and gasoline to the US and the East coast
of Canada. Its portfolio of acidic crudes include the Norwegian Heidrun
and Grane fields, and will be supplemented by increases in its
international asset portfolio. For more information, please visit
Statoil's website at www.statoil.com.

This press release contains forward-looking statements that involve known
and unknown risks and uncertainties. Forward-looking statements are
identified by words or phrases such as "believes," "expects,"
"anticipates," "estimates," "should," "could," "plans," "intends,"
"will," variations of such words and phrases, and other similar
expressions. While these forward-looking statements are made in good
faith, and reflect the Company's current judgment regarding such matters,
actual results could vary materially from the forward-looking statements.
Important factors that could cause actual results to differ from forward-
looking statements include, but are not limited to: the risk that the
anticipated increase in earnings resulting from the processing of acidic
crude oil will not occur because actual crude oil costs do not decrease,
improved product yields are not achieved, processing costs are greater
than anticipated, or because of other unanticipated circumstances, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to the Company, or persons acting
on behalf of the Company, are expressly qualified in their entirety by
the foregoing. Forward-looking statements made by the Company represent
its judgment on the dates such statements are made. The Company assumes
no obligation to update any forward-looking statements to reflect new or
changed events or circumstance.