PSA International Pte Ltd (PSA) has won approval from Panama's cabinet to develop a container terminal at the former Rodman naval base on the west side of the Panama Canal.
The terminal will be able handle up to 500,000 TEUs when fully completed. It is due to start operation in 2009.
Development of PSA Panama International Terminal is expected to cost about $70 million in its first phase.
Martin Torrijos, President of Panama, said the project would put the country "at the forefront at a regional level,"
The PSA Panama International Terminal is PSA International's first ever port investment in the Americas. Singapore-based PSA's local partner for this port investment is Parque Industrial Maritime S.A. (PIMPSA), PSA said in a statement earlier in the year.
The terminal will be able handle up to 500,000 TEUs when fully completed. It is due to start operation in 2009.
Development of PSA Panama International Terminal is expected to cost about $70 million in its first phase.
Martin Torrijos, President of Panama, said the project would put the country "at the forefront at a regional level,"
The PSA Panama International Terminal is PSA International's first ever port investment in the Americas. Singapore-based PSA's local partner for this port investment is Parque Industrial Maritime S.A. (PIMPSA), PSA said in a statement earlier in the year.