The planned investment is $542 million for construction and operation of a shipyard for vessels weighing up to 170 thousand tons. A resolution of April 8, 2014 by the Cabinet Council of Panama states that it was agreed “… to award a contract that grants in concession a total area of ??73 hectares. + 2468.729 m2, comprising an area of ??sea bottom measuring 59 has. + 8957.781 m2, beach area 12 hectares. + 3310.883 m2 area and sea shore 1 hectare. + 200 065 m2, located in Puerto Armuelles, district of Baru, Chiriqui Province, for a period of twenty (20) years to the company ASTIMAX PANAMA, SA … represented by Frank Leon Ponte. ”
The concession area will be used for construction, installation and operation of a shipyard for maintenance and repair of Panamax vessels and Post Panamax bulk carriers weighing 150 thousand to 170 thousand tons.
As recompense for the grant, the Maritime Authority of Panama at the end of the 20 years will have received from Astimax Panama “… the sum of $26 million.”
Where exactly will this facility be built? When will the project start. We also have heard the rumors about a oil refinery being built here in Puerto ?