Chevron plans to double storage capacity at its Las Minas terminal in Panama to 4 million barrels.
The US oil major reportedly cited growing demand for fuel derivatives such as bunkers, and said it planned to double the capacity in the short term, and potentially further after that.
The Las Minas facility is a source of bunker material and lubricants for ships using the Panama Canal and other regional ports.
According to Reuters, Chevron has already invested $13 million to boost capacity at Las Minas, located near Panama's Caribbean coastal city of Colon.
Industry observers sometimes say Panama has failed to reach its potential as a bunkering centre, given the volume of shipping traffic using the country's transit canal.
Limited storage facilities is cited as one factor holding back Panama's bunker sector.
The global bunker supplier Chemoil announced in October 2007 that it planned to build a terminal with a storage capacity of 245,000 metric tonnes (mt).
The US oil major reportedly cited growing demand for fuel derivatives such as bunkers, and said it planned to double the capacity in the short term, and potentially further after that.
The Las Minas facility is a source of bunker material and lubricants for ships using the Panama Canal and other regional ports.
According to Reuters, Chevron has already invested $13 million to boost capacity at Las Minas, located near Panama's Caribbean coastal city of Colon.
Industry observers sometimes say Panama has failed to reach its potential as a bunkering centre, given the volume of shipping traffic using the country's transit canal.
Limited storage facilities is cited as one factor holding back Panama's bunker sector.
The global bunker supplier Chemoil announced in October 2007 that it planned to build a terminal with a storage capacity of 245,000 metric tonnes (mt).