Panama: Growing Business of Bunker Fuel

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.

Monday, August 31, 2015

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. In previous years, vessels transiting the Canal were buying fuel in Colombia and other Caribbean countries.

"... One reason for vessels to have returned has been attributed to a problem of availability of marine fuel in Colombia and the prices are much higher, factors that favor the free zones for oil in Panama right now. "

"... In the country there are 12 free zones for fuels with valid concessions, and they have storage capacity to 30 million barrels, including aviation fuel tanks at Tocumen International Airport. These oil-free zones enjoy certain tax incentives granted by law to boost the sector.

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Fuel Storage in Panama

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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: $120 Million for Fuels Free Zone

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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:

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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.

Panama: $52 million for New Fuel-Free Zone

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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.

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