The company Aegean Oil Terminals (Panama), S.A., will operate the space for 20 years.

Since December 2009, the State has been in control of the 66 tanks after the concession held by company Atlantic Pacific, S.A. (APSA) expired.

Although the Panamanian Maritime Authority had indicated that it would make a new bid, it was decided to award the grant directly to the company Aegean Oil Terminals.

"One argument pointed out the urgent need for a private operator to be responsible for making investments in the facilities that are necessary in order to avoid accidents such as the spill that occurred in Colon due to a leak in a pipe damaged by the passage of time.

However, sources close to the industry and who preferred to remain anonymous, said they could have created a public tender in which a company would be selected based on representing the best interests of the state, without leaving questions about the benefit to the company who received the contract directly", reported Prensa.com

Source: Prensa.com

More on this topic

Panama: No to Fuel Terminal

August 2014

A resolution approving the environmental impact study submitted by Vertikal Corporation to build a pipeline to supply Tocumen airport has been revoked.

The National Environmental Authority (ANAM) reversed the decision claiming that the environmental impact study submitted by the company Vertikal Corporation should be category III not II, as "...

Panama: Concession for Fuel Storage

June 2014

The government has authorized the granting in concession of 4 acres to Vertikal Corporation for 20 years to operate a terminal to supply fuel to Tocumen airport.

From a report by the Cabinet Council of Panama:

Concession contract agreed between AMP and Vertikal Corporation, Inc.

Panama to Build Free Zone for Fuels on Isla de Melones

February 2012

The company Melons Oil Terminal Inc will operate and manage a Fuel Free Zone capable of storing 2 million barrels of oil.

A press release from the Presidency of Panama reads:

The Cabinet Council has authorized the Minister of the Presidency on behalf of the State to finalise a contract with the company Melons Oil Terminal Inc., for the operation and administration of a Fuel Free Zone capable of storing 2 million barrels of oil .

Storage Facility Ready in January 2011.

September 2010

The finalization of surface works will mean the Acajutla fuel storage depot will be operational at the beginning of 2011.

The company Alba Petróleos is responsible for the project. Vice president, Luz Estrella Rodríguez, indicated that the work completed is the land area carried out by the company Montajes Electromecánicos de Centro América (Monelca).