Oiltanking Acquires Storage Terminal in Colon, Panama
Oiltanking acquires 100% of shares in Colon Oil and Service S.A. (“COASSA”) and Colon Port Terminal S.A. (“CPT”). These companies are then renamed Oiltanking Colon S.A. The new acquisition marks Oiltanking’s start of operations in Panama. Located at the Atlantic entrance of the Panama Canal, the tank terminal has a capacity of 50,000 cbm following the completion of the first construction phase in autumn 2011. It also has a jetty capable of accommodating large tankers. A further expansion of the terminal is planned.