Sign up
Log in Sign up
Fri 16 May 2008, 10:14 GMT

Chevron to raise storage capacity in Panama


Oil major announces it will double the storage capacity of its Las Minas facility.

US oil major Chevron has announced that it will double the capacity of its storage capacity in Las Minas, Panama, to 4 million barrels in order to meet growing demand in the region.

The Las Minas facility, which is located near the port city of Colón, is used to store product for the supply of bunker fuel and lubricants to ships transitting the Panama Canal and calling at ports nearby. It also includes a refinery, which is reported to have a refining capacity of approximately 60,000 barrels per day.

Panama has the highest oil terminal costs in the world and inadequate storage capacity has been a long-term issue in Panama. The limited capacity in the country has also lead to bunker fuel being sometimes moved through the Canal to meet temporary shortages at Balboa or Cristobal.

Chevron is currently the second largest bunker supplier in Panama with a market share of over 20 percent. US firm Chemoil Energy Ltd is the market leader, reportedly taking approximately 40 percent of bunker sales in the country. Other leading players in the Panama market include CEPSA Panama S.A. and ExxonMobil Marine Fuels Ltd.

The increase in storage capacity will evidently enable the company to compete with other suppliers for a larger share of the Panama bunker market.

Chevron said in a statement that it plans to double the storage capaciy of the Las Minas facility in the short term, but may potentially raise it further in the future.

NYK Line and BHP Group sign MoU. NYK Line and BHP renew partnership for dry bulk decarbonisation  

Japanese shipping firm and Australian resources company extend collaboration on alternative fuels and vessel safety.
Kota Orkid vessel during its maiden call at Singapore. PIL's LNG-fuelled Kota Orkid makes maiden call at Singapore  

Pacific International Lines deploys 8,200 TEU vessel on South West Africa route.
WinGD and Panasia Frame Agreement Signing. WinGD and Panasia partner on emissions upgrades for dual-fuel LNG engines  

Swiss engine designer signs frame agreement with Korean firm to retrofit X-DF engines.
Baleària’s Cap de Barbaria vessel. Baleària to trial methanol-to-hydrogen system on electric ferry  

Spanish operator to test e-methanol reforming technology on Ibiza-Formentera route.
HMM Clover Naming Ceremony. HMM names second methanol-powered containership in 9,000 TEU series  

South Korean carrier adds HMM Clover to fleet of alternative fuel vessels.
Markus Virtasalo, ABB. Covering the distance to shipping’s nuclear opportunities | ABB  

The number of stakeholders engaging with nuclear ship propulsion in 2025 indicates that the maritime industry is eager to expand its options on net zero emissions.
Christian Vandvig Finnerup, Dan-Bunkering. Dan-Bunkering appoints Christian Vandvig Finnerup as US managing director  

Finnerup transitions from Singapore role to lead American operations.
Hai Gang Wei Lai vessel. SIPG orders Wärtsilä systems for new LNG bunker vessel  

Shanghai International Port Group orders integrated cargo handling and fuel systems from Wärtsilä.
Chris Seide, Integr8 Fuels and William Kanavan, Pentarch Offshore Solutions. Integr8 Fuels signs MOU with Pentarch for bunker services at Port of Edrom  

Integr8 Fuels and Pentarch Offshore Solutions have signed an agreement to develop bunker fuel services.
Eagle Vellore vessel. MISC orders two LNG dual-fuel Suezmax tankers as part of fleet renewal  

Malaysian shipowner expands dual-fuel fleet with newbuilds backed by long-term charters.




 Recommended