Panama: Investment in Logistics Fuels

Chevron plans to invest $300 million in the expansion of a storage tank system in the refinery of Panama in Bahia Las Minas, Colon.

Thursday, May 29, 2014

Continuing its investment plan in Panama, the U.S. oil company is negotiating an agreement with the Dutch company Vopak, the world's largest independent storage tank terminal operator, to convert the refinery in Bahía Las Minas into a hub for the interregional market for petroleum products and bunker fuels.

"'We are in the process of getting permits [from the authorities] to close this negotiation and this would lead to investments in the terminal of about $300 million to grow existing tanks," said Aristides Chiriatti, General Manager of Chevron Panama.

"Chiriatti explained that in the past five years, Chevron has invested between $20 million and $30 million per year in improving infrastructure at the terminal, which supplies fuel to nearly 90% of the national market."



More on this topic

Fuels: Terminal Expansion Completed

November 2019

Chevron's $7 million investment in the Acajutla terminal in El Salvador increased its fuel storage capacity from 300,000 to 450,000 barrels.

As announced in 2016, the investment in the plant expansion consisted of the construction of two tanks, each with a storage capacity of 75,000 barrels.

El Salvador: More Texaco Investments

September 2016

So far this year Chevron has invested $8 million in the opening of three stations and plans to start expanding the storage terminal in Acajutla.

The project to expand the storage terminal operating in Acajutla consists in increasing capacity "...

Puma Energy Invests in Panama

February 2015

The company aims to increase its market share in the country and plans to invest $80 million in the construction of a fuel storage facility.

The company is preparing to build its own infrastructure in order to increase its business in the Panamanian market. Besides the construction of the plant, Puma Energy is looking to venture into new lines of business, such as selling jet fuel and asphalt manufacturing and lubricants.

Panama Doubles Oil Storage Capacity

April 2011

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

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".

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