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Latin America Investment News on Viva Tropical

Three Bidding for Investment Rights in Chiriqui Province of Panama, Puerto Armuelles could Benefit.

Article Summary:

Three foreign consortia have expressed interest in settling in the free zone of Baru, Chiriqui Province of Panama, to build a logistics center, a refinery for processing hydrocarbons, and a tourist center, taking advantage of the Baru area’s geographical position, as well as the pipeline which can transport oil from the Caribbean to the Pacific and vice versa.

Photo Credit: La Prensa

Original Article Text From La Prensa via Google Translate :

Three foreign consortia have shown interest in setting up in the free zone of Baru, Chiriqui Province, to build a logistics center in the area.

Companies looking to install an oil processing center to take advantage of the position of the Baru area, as well as transport oil pipeline that allows the Caribbean to the Pacific and vice versa, the minister of Commerce, Ricardo Quijano.

This year is expected to sign a contract with any of the companies involved, Quijano said, but did not reveal the names. He added that the first group to present a development plan to the Government and complies with all requirements of law, shall have priority in obtaining the grant.

In addition to building a processing plant fuel, would rise a logistics hub for cargo handling and a resort in the area.

The last attempt to install a refinery in Baru sank after the company lost its Canadian Occidental Petroleum concession to drill for oil in Ecuador, where the crude mind that would be processed in Panama. Intends to use the mechanism used to grant a mining license to deliver the award in Baru, ie that the process would not bid, the minister said. According to information published in the administration of the Baru Free Trade Zone in the area operate nine companies, including her Petroterminal, which operates the pipeline.

Last year the National Assembly repealed the Articles 7 and 17 of Act June 29, 2010, which created a special regime for the establishment and operation of the Special Economic Zone Baru, which were related to collective agreements and employment stability.

Link to Original Article:

From La Prensa

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