Under the terms of the exchange offer, eight companies, including refiners and traders, will borrow 45.22 million barrels from the emergency cache and should return it to the government’s underground caverns, with a premium of at least 18%, as late as 2028. Shell PLC’s trading arm was awarded the biggest amount, with 16.2 million barrels, followed by Trafigura Group, Marathon Petroleum Corp and BP Plc.