APTIM and joint venture partner BWX Technologies, Inc. have been awarded a $1.4 billion contract by the Department of Energy (DOE) to manage and operate the Strategic Petroleum Reserve (SPR), as well as its associated facilities and systems in Louisiana and Texas.
The joint venture, known as Strategic Storage Partners, LLC, will assume management and operation of SPR on June 15 for a five-year period with an option for DOE to extend the contract for an additional five years.
"APTIM is honored to serve the DOE, the talented and committed SPR workforce, and the nation as the SPR fulfills its essential mission of protecting our energy and economic security. APTIM and our partner BWX Technologies will bring the experience, resources, and commitment required to deliver," said Mark Fallon, APTIM CEO and Chairman of the Strategic Storage Partners board of directors.
As the world's largest supply (714 million barrels) of emergency crude oil, SPR's mission is to minimize disruptions of US petroleum supplies through emergency stocks and uphold the country's commitment to the International Energy Program. Federally owned oil stocks are stored in underground salt caverns at four sites along the Gulf Coast in Texas and Louisiana, protecting the U.S. during international oil shortages.
