Bahia Las Minas refinery will be oil products hub

Continuing its investment plan in Panama, the U.S. oil company Chevron 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, Colon, into a hub for interregional marketing of petroleum products and bunkers.

“We continue getting permits (from the authorities) to close this negotiation that would lead to the terminal investing about $300 million to increase existing tanks,” said Aristides Chiriatti, General Manager of Chevron Panama.

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

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