Americas News
Vopak Expands Terminal Presence in Panama, Eyes Growing Regional Bunker Demand
Royal Vopak N.V. (Vopak) Thursday announced that it has obtained the major regulatory approvals for the development of a first phase 360,000 cubic metre (cbm) independent oil terminal, which will be owned by Vopak in Bahia las Minas, Panama - an operation that is expected to serve growing bunkering demand in the region.
The news came as part of an announcement that Vopak has also signed a long-term agreement with Chevron Corporation (Chevron) to manage Chevron's 509,000 cbm Bahia las Minas terminal.
Under the companies' long-term agreement, Chevron will maintain its ownership of the terminal, with Vopak expected to take over operations at the start of 2016's third quarter.
"The location in Bahia las Minas, Panama, is strategically situated at the crossroads of international trade and transportation routes for refined products. It is very well located to serve the international refined products markets in the Panama region, and to serve the expected increasing bunkering needs resulting from the expansion of the Panama Canal," explained Vopak.
"With its presence in Panama, Vopak strengthens its leading position at strategic locations along the major global shipping routes."
Vopak says a long term contract has already been signed for part of the new capacity that will be achieved through the first phase 360,000 cbm oil terminal.
The project will include the development of new tankage, complementary marine infrastructure, including jetties with the capacity for ships of up to 80,000 DWT, says Vopak, noting that the construction process is expected to last about two years, and start once required local construction permits are received.
In May, Ship & Bunker reported that Vopak had sold its 40 percent stake in Nippon Vopak Co. Ltd. (Nippon Vopak) to Macquarie Asia Infrastructure Fund for approximately €26 million ($28.95 million) after capital gains - a move said to align with the company's strategy to update its terminal portfolio criteria to better fit the changing energy and petrochemical market.
