PANAMA NEWS:

 

 

 

Oil Company interested in investing in Panama

 

More and more investors are interested in investing in Panama each day. Now, the Canadian Oil Company Pacific Rubiales Energy (PRE), with a private capital and operations in Colombia is in negotiations with the local authorities to sale natural gas in the country, which will be used for power generating purposes.
 

According to Eduardo Lima, PRE`s Vice president of Projects Development Department, they are doing the feasibility studies with TransCanada and OSG, their allies, which will use cutting edge technology to transport the compressed gas in ships from Colombia to Colòn.

 

The main advantage of using this gas is the cheap prices for the final consumer, since it is environmentally friendly and its power plant has low operation and maintenance costs.

 

During their visit to Panama the representatives of PRE conversed with Bahìa Las Minas and Termo Colòn as prospect clients, as well as with the authorities involved in the panamanian energetic sector.
 

The project has two phases, according to Lima. The first phase has a $100 million budget to build the terminals in Colombia and Panama; as well as for small ships to supply the product. The second phase, with a $200 million budget, consist on building ships with more capacity to increase the exportation volumes to Panama and San Andres, where the project will be developed.

 

Source: La Prensa