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.
Panama wants to become a regional center for storage of liquid cargo and bunker fuel, added the manager.
"This is forcing us to experience very large growth, but it also obliges us to redesign and we are starting to think about the legal and operational basis we will need in order to deal with these volumes and the number of customers", stated the president of the Maritime Chamber, signifying that work should start with the Government on new laws and strategies.
In Panama, the bunker fuel industry is made up of at least 30 companies serving the areas of barge operations, fuel analysis, storage and marketing.
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The company expects to cover 30% of the country's demand with its new storage facility.
Said facility is being built close to Port Acajutla, and will be capable of storing 350.000 barrels.
Orestez Ortez, company spokesperson, "added that the facility could be operating mid-2010. By using a pipeline (which is being tested), they expect to unload fuel from ships of up to 250.000 barrels", reported Epa.
The National Rice Corporation has plans to purchase a plant for drying and storage of 'Rita' rice.
The purchase of the plant, owned by the National Production Council (CNP in Spanish) is subject to approval by the Controller General of the Republic.
The plant, which has not been in operation for 20 years, was valued at $1.3 million and will need about $200 thousand to make it useable, said Carlos Chavez, president of Conarroz.
USTDA awarded a grant to Gulf Coast International Cargo Panama, S.A., a private cargo and distribution firm, to increase Panama's trade capacity and strengthen its food security distribution system
The grant reflects USTDA's strategy of focusing on projects in Panama that will create export opportunities for U.S.
This investment by the state-owned fuel refinery is geared to increase its fuel storage capacity in 550,000 barrels.
"Refinadora Costarricense de Petróleo S.A." (Recope), currently has an installed storage capacity of 3.4 million barrels.
Elfinancierocr.com reports: "The company is building two heavy oil storage tanks, capable of 25,000 barrels and a diesel one, capable of 100,000.