Prospects for the Bunker Fuel Industry in Panama

The industry wants to make the country a regional center supply of the fuel.

Thursday, April 26, 2012

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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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. reports: "The company is building two heavy oil storage tanks, capable of 25,000 barrels and a diesel one, capable of 100,000.

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