Mega Refinery in Baru, Panama?

A group of investors are interested in building an $8 billion refinery in the Baru area.

Friday, November 11, 2011

Minister of Trade and Industry, Ricardo Quijano, said that a memorandum of understanding, outlining the projects details, would be signed off in the next few weeks.

The proposed refinery would be capable of processing about 400,000 barrels of crude oil daily, and would be accompanied by a logistics center and a tourist resort.

The idea is not new. "The last attempt to install a refinery in Baru sank after the Canadian company Occidental Petroleum lost its concession to drill for oil in Ecuador, which would be the source of the crude oil to be processed in Panama", reported Prensa.com.

More on this topic

Refinery Project Announced in El Salvador

January 2012

The Salvadoran consortium PetroGolfo has announced plans to invest $600 million in the construction of a refinery in the port of Acajutla.

Jose Rivas, general manager of PetroGolfo said that they estimate starting operations in early 2014.

Regarding production, the executive added that the refinery "is being designed to be capable of receiving oil from anywhere in the world and refine it and will have the capacity to produce, based on national and regional demand, a variety of finished products for our consumption and our neighbors. "

Feasibility Study Underway for Costa Rica – China Refinery

May 2010

Soresco (a joint venture between Costa Rica’s Recope and China’s CNPC) will hire a company to develop the refinery’s feasibility studies.

Such study will determine if the countries go forward with the $1 billion project. China requires the project to have at least a 16% return on investment.

Recope will Invest in Own Refinery with or without China

July 2009

Costa Rica's state-owned petroleum company, Recope, will upgrade its Moín refinery whether or not the project with China is approved.

With cooperation from the Government of Canada, Canadian companies will diagnose the state of Moín Refinery, to define which upgrades should be done, and how much should be invested.

Qatar Refinery Project Brought Up Again

July 2009

Negotiation between Panama, Qatar Petroleum and Occidental Petroleum for the construction of a $8 billion refinery will restart in September.

Qatar Petroleum and Occidental Petroleum had until December 2008 to present the final study for the refinery, which was first negotiated in May 2007.

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