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Article: Phibro Energy bid wins first SPR purchase. (Strategic Petroleum Reserve)
- Article from:
- The Oil Daily
- Article date:
- January 19, 1994
- Author:
CopyrightCOPYRIGHT 1994 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- The U.S. Defense Fuel Supply Center, the buying agent for the Department of Energy, on Friday finalized a bid from Phibro Energy for 2.5 million bbl of Brent crude for the Strategic Petroleum Reserve (SPR).
John W. Bartholomew, director of the Office of SPR, confirmed the supply center bought the crude from Phibro at $13.97/bbl.
Phibro officials in Westport, Conn., had no comment about the sale.
Bartholomew said the supply center plans to buy an additional 1.5 million to 2 million bbl of oil for the SPR.
The bidding period will reopen next week, he said. The center will run a continuous open solicitation period with periodic ...