Panama to boost fuel operations

Bnamericas Published: Thursday, March 10, 2016
Panama to boost fuel operations

Some US$120mn will be invested in a first phase to expand operations at Panama's fuel free trade zone in Bahía Las Minas, Colón province.

The project will increase storage by an initial 2.5Mb to 5.5Mb in two years and to 12.8Mb in a subsequent phase, the energy department said in a statement.

Works will include nine additional storage tanks and a pier with two docking positions.

Refinería Panamá operates the fuel free trade zone which is one of 10 in the country with combined storage capacity of 29.8Mb.

In a related note, the cabinet authorized presidential minister Álvaro Alemán to extend by 20 years Petroterminal de Panamá's fuel free trade zone contract for terminals in the provinces of Bocas del Toro and Chiriquí.

The announcements come as the Panama Canal Authority (ACP) prepares to inaugurate the expansion of the interoceanic waterway.

ACP statistics reveal that the number of transits through the canal by chemical tankers, crude product tankers and liquid gas carriers in fiscal 2015 ending September reached 1,678, 655 and 422, respectively, compared with 1,494, 585 and 274 transits in fiscal 2014.

For a look at Panama's growing importance as a regional and international trading hub, check out BNamericas' latest Infrastructure Intelligence Series report: Panama: An Emerging Global Logistics Center.


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