From a report issued by the President's Office in Panama:

The Cabinet Council approved a resolution that authorizes the Minister of the Presidency, to grant the extension to Contract No. 60 of 5 August 1993, for the Operation and Management of Free Zone for Fuels, granted to the company Petroterminal de Panama, SA.

The resolution explains that the company Petroterminal de Panama, SA, requested in a memorandum addressed to the National Secretary of Energy, an extension to the contract in question, in order to continue the operation, maintenance and administration of a complex of tanks, pumping stations, docks and pipelines for crude oil, semi-processed oil, oil products, natural gas, biofuels, petrochemicals and other products, located in two terminals which are: the Atlantic Terminal located in the district of Chiriqui Grande, district Chiriqui Grande, Bocas del Toro, and the Pacific terminal located at Charco Azul Bay, district of New Haven, Baru district, province of Chiriquí.

The resolution also states that the company Petroterminal Panama, SA, has made an investment in the amount of 900 million Balboas, already fully implemented, as shown by the Investment Plan submitted by this company to the National Secretariat of Energy.

More on this topic

Fuel Storage in Panama

March 2016

Total fuel storage capacity in the country is 29.8 million barrels, with Petroterminal de Panama´s tank representing 50% of the figure.

Panama has a storage capacity of 29.8 million barrels of oil, according to the latest report from the country's National Energy Secretariat.

Panama: $52 million for New Fuel-Free Zone

April 2014

Telfer Tanks has been granted a concession for the operation and management of a storage terminal and pumping stations in the province of Colon.

From a statement issued by the presidency of Colombia:

"The Cabinet Council authorized the Minister of the Presidency to conclude the Contract for Administration and Operation of a fuel free zone with the company TELFER TANKS, INC., whose investment exceeds 52 million dollars.

Panama: Free Trade Zone for Fuel by Year End

August 2010

The free trade zone in Colón, located by the port of Manzanillo, will be operated by the European company Oiltanking.

"The Panamanian company Colon Oil and Services, S.A. (Coassa) installed four tanks, pipelines and pumping infrastructure on the site with an investment worth $14 million. The site will be managed by a European company with which negotiations are underway," reports Prensa.com.

$100 Million Expansion of Trans-Panama Pipeline

October 2009

Petroterminal de Panama awarded a contract in excess of $100 million to CB&I, to engineer, procure and construct the Phase 2 expansion of the Trans-Panama Pipeline facilities.

The work scope includes the design and construction of 5.4 million barrels of crude oil storage and the associated civil, mechanical and electrical work at PTP's terminal facilities in Chiriqui Grande on Panama's Atlantic coast, and Puerto Armuelles on the Pacific coast. CB&I, which built the original PTP storage tanks in the late 1970s, was awarded the EPC contract for Phase 1 of the expansion project in May 2008.