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.
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. In previous years, vessels transiting the Canal were buying fuel in Colombia and other Caribbean countries.
As a hub of maritime services Singapore is winning the race against Panama, which in the past sold 60 million tons of bunker fuel but now only sells 20 million.
This represents a 40% decline in the 'bunkering' market in Panama, due to several factors, including lack of competitiveness in fuel prices not being oil producer.
The president of the Maritime Chamber of Panama, Juan Carlos Croston, told Panamaamerica.com.pa that "a few decades ago ... Panama was the world's leading supplier of bunker fuel, but today Singapore, thanks to the introduction of policies which promoted competitiveness, accounts for almost 40% of the market. "
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.
The Panama Maritime Chamber is calling for legislation for fuel services to cover the event of a fuel spill and the operation of ships in domestic waters related to the service.
"We have a maritime laws for classification, construction and manning of international ships, but not for ships in national waters," said Joseph DiGeronimo, president of the Maritime Chamber of Panama, reported Prensa.com.
The industry wants to make the country a regional center supply of the fuel.
Representatives from the bunker fuel Industry, which moves about $1 billion, participated in "The Forum for Bunkering 2012" on Thursday in order to reflect on the changes that must be made after the Canal expansion and the arrival of postpanamax ships, said Joseph DiGeronimo, president of the Panamanian Maritime Chamber.
At an estimated cost of $16.3 million the Costa Rican Oil Refinery is putting out to tender the construction of tanks for storing bunker fuel and asphalt.
Included in the works are:
For the asphalt storage tanks:
-Dismantling of a 1590 cubic meter (10,000 barrels) tank and two tanks measuring 200 cubic meters (1,258 barrels) and associated piping, and transfer of materials to the collection center.
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".