The US Department of Energy has awarded contracts to three refiners from its recent competitive sale of 4.32 million bbl of crude oil from the US Strategic Petroleum Reserve. Marathon Petroleum Corp., Motiva Enterprise LLC, and Phillips 66 Co. were the successful bidders, DOE’s Fossil Energy Office said on Mar. 22.
DOE previously announced that as much as 6 million bbl of crude from the SPR would be offered to fund modernization of the reserve (OGJ Online, Feb. 28, 2019). Deliveries will take place during April and May, it indicated.
Proceeds will be deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal 2019, which ends on Sept. 30, FEO said.
Contact Nick Snow at [email protected].
