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The origin of Petroterminal of Panama (PTP) date back to the end of the 70´s,   when large volumes of Alaskan petroleum oil was produced and there was a need to transport the surplus to the east coast of the United States in "Very Large Crude Carrier" (VLCC´s), which could not transit through the Panama Canal.

     

On September 1977, brothers Harold and Raymond Bernstein proposed the Panamanian Government the construction of oil facilities in the Bay of Charco Azul, near the community of Puerto Armuelles, located on the Pacific coast. This will permit smaller boats to cross the channel. The offer was accepted, being aware that it represented an investment for the country which will generate jobs and wealth during the construction and operation of the facilities.

While the construction of the Charco Azul Terminal was underway, PTP started its operations in Parita Bay using two large tankers (VLCC´s):  MT. British Renown and MT. British Resolution. The first VLCC to reach the bay was the 264,000 DWT, MT. New York, discharging approximately 1, 800.000 barrels.

On April 10, 1979 began transshipment operations at the newly built port of Charco Azul, responding quickly to customers´ long term transportation needs.

In 1980, PTP reached a new agreement with the Panamanian Government which authorized the construction of a Transisthmian Oil Pipeline and an oil terminal located on the Atlantic coast, specifically in the Chiriqui Lagoon.

With this new project, PTP boosted the economy of the western part of the country, directly benefiting the eleven municipalities through which the pipeline crosses and the Central Government for the dividends that would generate the terminal operations, based on 40% of its shares in the company.

The pipeline was exclusively built to allow the transport of crude oil from the Alaskan oilfields (ANSCO) towards the East coast of the United States. From 1982 to 1996, the pipeline transported efficiently and safely, more than 2.7 billion barrels of crude oil from the Pacific to the Atlantic coast of the Republic of Panama.

In 1996, due to changes in U.S. petroleum by-product legislation, ANSCO´s surplus oil production was no longer available to be transferred through the pipeline. This caused the pipeline to cease. From 1996 to 2003 PTP maintained operations at the terminals, while the pipeline was subjected to a rigorous program of inspection and maintenance.

In 2003, as a result of agreements with new clients, the pipeline operations reactivated. Due to global oil market trends and because of the credibility, capacity and professionalism demonstrated by operations since 1977; in 2008 PTP began phase I of the projects for pipeline flow reversal and storage capacity expansion in the terminals (5 additional tanks) which culminated in mid-2010. Phase II of the storage capacity expansion project (10 additional tanks) culminated early 2012.

Currently, PTP has a total storage capacity of approximately 14.6 million barrels in the Atlantic and Pacific terminals.