economy

Maritime

PTP to construct five additional oil tanks

la prensa

The pipeline expansion project has improved the economy of port communities Puerto Armuelles (Chiriquí) and Chiriquí Grande (Bocas del Toro).

Five additional tanks to store crude oil will be built by Petroterminal de Panamá (PTP) as part of a pipeline expansion project, which implies an investment of $480 million.

Two tanks will be erected on the Atlantic side, with a capacity of 631,000 barrels, 80.79 meters in diameter, and 20.47 meters high; and three tanks are slated for construction on the Pacific side, with a storage capacity of 693,800 barrels, 80.79 meters in diameter, and 22.40 meters high.

PTP reported that the engineering design for construction of the oil storage tanks is regulated by industry standards, using structural steel materials.

The works, currently in the final stages of construction, include the erecting of a dam within which the tanks will be installed; a network of sewers and process piping; and a pump station within the tank farm on the Atlantic.  Also included is a fire system and control systems.

The company used the existing pipeline, adding two pumping stations of the same capacity to the existing ones in the Atlantic basin, and changing the valves, among other modifications.

The pipeline reversal project and the expansion of storage capacity is expected to allow for the  pipeline to pump crude oil from producers in Caribbean countries such as Colombia, Venezuela, and Brazil, as well as the continent of Africa.