March 3, 2011 [Oiltanking] - The Oiltanking Group announces that it has acquired 100% of the shares of Colon Oil and Service S.A. (“COASSA’) and Colon Port Terminal S.A. (”CPT”). These companies will be renamed Oiltanking Colon S.A. and will be managed and operated by Oiltanking.
Oiltanking Colon S.A. is located at the Atlantic entrance of the Panama Canal, within the breakwater, at the Cocosolo Bay.
The aim of the terminal is to accommodate the increasing demand for marine fuels by vessels transiting the Panama Canal and calling the ports in the area.
The first phase of the terminal is currently under construction and will be commissioned in the third quarter of 2011. It consists of 300,000 barrels of tank capacity for the storage and handling of marine fuels along with an exclusive 260 meter jetty with a draft of 12.5 meter and ability to receive PANAMAX vessels. The jetty has also two barge positions.
Additionally, Oiltanking is already working on the first expansion of 450,000 barrels and truck loading facilities which is expected to be operational in 2012. The terminal still has land available for further construction.
