Panama Doubles Oil Storage Capacity

The country is to invest $300 million in installing new storage tanks for bunker and other oil derivatives.

Friday, April 15, 2011

The new tanks will enable Panama to double its storage capacity from 5 million barrels now to 10 million in 2014.

Wilfredo Jordán's article for Prensa.com comments that, "according to studies, for every four ships that pass through the canal, only one refuels at Panamanian facilities". Investors hope to turn this number round so that three of every four boats purchase fuel in the country. This project is part of a wider strategy to make the most of Panama's strategic location and turn it into a fuel storage hub.



More on this topic

More Air Fuel for Tocumen

March 2018

In the Panamanian airport, 600 thousand gallons of jet fuel are consumed every day, and it is estimated that in the following months demand will increase by 50 thousand gallons.

The current capacity of the infrastructure only allows for storage of 1.4 million gallons of jet fuel, which is only enough to cover demand corresponding to two days of operations at the airport.

Panama: $120 Million for Fuels Free Zone

March 2016

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

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.

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.

More Investment From Puma Energy in El Salvador

January 2015

The company received the authorization to expand the jet fuel plant in Comalapa and plans to invest $20 million between 2015 and 2016 to improve the capacity of the plant in Acajutla.

Expansion of the terminal near the Comalapa airport will cost approximately $1 million and will allow for storage of up to 16,000 barrels of jet fuel to meet demand from the airlines with which it holds contracts.

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