16 bids submitted in tender to create security Latvia`s oil reserve

Altogether 16 bids have been submitted in an open tender to create Latvia’s oil product reserve for EUR 36 mln, the Economics Ministry informed LETA.

The Economics Ministry is currently organizing a negotiations procedure on providing an oil product reserve which Latvia could use in case of an energy crisis. The total size of the oil reserve that has to be provided under a two-year contract is 336,440 tons.

The 16 companies competing for the oil reserve contract include Pirmas, UAB Okseta, Ventbunkers, Mercuria Energy Trading SA, Hartree Partners (UK) Limited, Circle K Latvia, SIA Rdz Eneregy, UAB Baltic Petroleum, AB Orlen Lietuva, Orlen Latvija, Vitol SA, Gunvor SA, Gunvor International B.V., BP Europe SE-BP Nederland, BP Oil International Limited and Baltimar VT and Access Recources AG.

Upon assessing the candidates’ compliance with the rules of the tender, the Economics Ministry will ask the Constitution Protection Bureau to vet them for compliance with national security requirements. The candidates that meet the requirements will invited to submit their bids for the second round of the tender.

In December 2017, the Economics Ministry concluded agreements with eight companies for EUR 7.9 mln on the storage of Latvia’s oil reserves.

The contracts were concluded with Pirmas, UAB Okseta, UAB Baltic Petroleum, Circle K Latvia, Ventbunkers, RDZ Energy, Gunvor SA and Vitol SA.

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