US Awards $1.4 Billion Contract for Oil Reserve Management (1)

The US Department of Energy announced the award of a $1.4 billion contract for the management of the Strategic Petroleum Reserve.

Strategic Storage Partners LLC will manage and operate the SPR’s four sites in Texas and Louisiana for five years, with the option to extend for an additional five years, the Energy Department said in a statement Thursday. The DOE said the company would assume operations on June 15. The reserve is currently managed by a division of Fluor Corp, according to the department.

Strategic Storage Partners is a division of Aptim Corp., a Baton Rouge, Louisiana-based energy and infrastructure ...