Petroleum Heat & Power Co. Inc., Stamford, Conn., will begin asset allocation and asset liability studies of its $40 million pension plan by early March, said Michael T. Gleave, director of employee benefits. Plan officials want to ensure that the plan will meet funding requirements. The studies will be finished in the second quarter, he said. The plans asset allocation is 65% equity and 35% fixed income. Watson Wyatt is advising.