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France’s Sagess Seeks to Buy Urals Oil for Strategic Stockpiles

April 24 (Bloomberg) -- Societe Anonyme de Gestion de Stocks de Securite, or Sagess as the manager of France’s strategic stockpiles is known, issued a tender to buy Russian Urals crude for delivery in May.

The tender is for 115,000 cubic meters, or 723,350 barrels, of Urals for May 10 to May 30 delivery to the northern French port of Le Havre, said Jean-Marc Tenneson, executive officer of Comite Professionnel des Stocks Strategiques Petroliers, or CPSSP as the body which controls Sagess is known, said today by phone from Paris. The tender closes on May 3.

The agency is seeking to increase crude inventories to meet its requirement for strategic stock levels as of July 1, he said. The country is obliged to store 17.8 million metric tons of crude and oil products as of July 1 and the CPSSP is responsible for 13.1 million tons of this, Tenneson said.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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