DOE Accepts Bids for Northeast Home Heating Oil Stocks
Washington, D.C. The U.S. Department of Energy (DOE) today has awarded contracts to three companies who successfully bid for the purchase of 984,253 barrels of heating oil from the Northeast Home Heating Oil Reserve.
Awardee
Amount
Morgan Stanley
500,000 barrels
Shell Trading U.S. Company
250,000 barrels
George E. Warren Corporation
234,253 barrels
Today’s sale was the first held as part of the Department’s initiative to convert the current 1,984,253-barrel heating oil reserve to cleaner burning ultra low sulfur distillate. Contracts for the heating oil will be executed upon final payment to DOE; final payment is required no later than 5:00 p.m., EST, February 7, 2011. Purchasers must take delivery of the heating oil from the Hess First Reserve Terminal in Perth Amboy, NJ no later than March 31, 2011.
DOE will receive approximately $113 million from these awards.
More than one sales offering is planned until DOE has achieved its sales goal. A second NEHHOR Notice of Sale is planned for Monday, February 7, 2011.
To register for notices of sale, visit https://www.fossil.energy.gov/heatingoil/.
- End of Techline
For more information, contact:
- Jenny Hakun, FE Office of Communications, 202-586-5616, jenny.hakun@hq.doe.gov
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