Panama: $120 Million for Fuels Free Zone

Construction has been announced of 9 additional storage tanks and a pier with two berths to supply 2.5 million barrels.

Monday, March 14, 2016

From a statement issued by the National Secretariat of Energy in Panama:

The sale of marine fuel or bunkering, an activity that generates about $900 million a year to the country's economy, will grow with the expanding operations of the Free Zone for Fuels, located in Bahía Las Minas, Colon Province.

This expansion will create at least 250 jobs (direct and indirect) during the construction period, which is estimated at 2 years, and 50 jobs (direct and indirect) for the period of operation of the terminal.

Read: "Panama: Growing Business of Bunker Fuel"

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More on this topic

Growth in Bunkering Business in Panama

August 2017

In the first half of the year 2.4 million metric tons of marine fuel were shipped into the country's port terminals, 24% more than in the same period in 2016.

The start of operations of the expanded Canal is the main reason behind the increase of almost 24% in the sale of marine fuel to boats in Panamanian ports, according to representatives from the sector.  Figures from the Panama Maritime Authority report that between January and June, 2.4 million metric tons of marine fuel were traded, 461 thousand tons more than in the first half of last year. 

Panama: Growing Business of Bunker Fuel

August 2015

The rise in prices and fuel supply problems in markets like Colombia explain the 10% increase in sales of bunker fuel in the first half of the year.

After experiencing a slight decrease in the rate of business growth, companies engaged in the storage and sale of marine or bunker fuel say they feel there is an improvement in the activity.

Concession for Free Zone for Fuel Extended

June 2014

The executive power has authorized the extension of a contract for the operation and administration of the Free Zone for Fuel in Chiriqui granted to the company Petroterminal of Panama.

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.

The Bunker Fuel Business in Panama

May 2013

Although the market is not growing significantly, there is still investment being made in new terminals for the storage and supply of the fuel.

"Recently the fuel terminal Melones, located in the Pacific and rated by experts as "state of the art" went into operation. The investment in this project has been estimated at between $60 million and $90 million.

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