{"id":4277,"date":"2012-02-10T14:57:09","date_gmt":"2012-02-10T19:57:09","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=4277"},"modified":"2012-02-10T14:57:09","modified_gmt":"2012-02-10T19:57:09","slug":"bp-ships-oil-through-trans-panama-pipeline","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/bp-ships-oil-through-trans-panama-pipeline\/","title":{"rendered":"BP ships oil through Trans-Panama Pipeline"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/02\/oil1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4279\" title=\"oil\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/02\/oil1.jpg\" alt=\"\" width=\"917\" height=\"95\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/02\/oil1.jpg 917w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/02\/oil1-300x31.jpg 300w\" sizes=\"auto, (max-width: 917px) 100vw, 917px\" \/><\/a><\/p>\n<p>This pipeline runs through Chiriqui and connects the Caribbean to the Pacific ports.\u00a0 Eventually we may see a refinery here in Panama that will reawaken a sleepy banana plantation town plagued by unemployment since Chiquita pulled out.<\/p>\n<h3>BP Products North America Inc. will ship some 100,000 barrels per  day from east to west under agreement with Petroterminal de Panama  (PTP). BP will provide oil to customers in the West Coast of the United  States.<\/h3>\n<p>The press release of Penn<a title=\"Energy\" href=\"http:\/\/www.centralamericadata.com\/en\/search?q1=content_en_le:%22Energy%22&amp;q2=mattersInCountry_es_le:%22Panama%22\">Energy<\/a> says,<\/p>\n<p>BP Begins Shipping Crude Oil Along Trans-<a title=\"Panama\" href=\"http:\/\/www.centralamericadata.com\/en\/search?q1=content_en_le:%22Panama%22&amp;q2=mattersInCountry_es_le:%22Panama%22\">Panama<\/a> Pipeline<\/p>\n<p>February 6, 2012 [PennEnergy] &#8211; <a title=\"BP Products North America Inc.\" href=\"http:\/\/www.centralamericadata.com\/en\/search?q1=content_en_le:%22BP+Products+North+America+Inc.%22&amp;q2=mattersInCountry_es_le:%22Panama%22\">BP Products North America Inc<\/a>. announced today that it has started shipping crude <a title=\"oil\" href=\"http:\/\/www.centralamericadata.com\/en\/search?q1=content_en_le:%22oil%22&amp;q2=mattersInCountry_es_le:%22Panama%22\">oil<\/a> bound for the U.S. West Coast through Petroterminal de Panama (PTP)\u2019s trans-Panama <a title=\"pipeline\" href=\"http:\/\/www.centralamericadata.com\/en\/search?q1=content_en_le:%22pipeline%22&amp;q2=mattersInCountry_es_le:%22Panama%22\">pipeline<\/a>, marking the start of a seven-year transportation and storage agreement between BP and PTP.<\/p>\n<p>Under the terms of the agreement, BP has leased a total of 5.4 million  barrels of PTP\u2019s storage located on the Caribbean and Pacific coasts of  Panama and committed to east-to-west crude oil shipments averaging  100,000 barrels per day through PTP\u2019s trans-Panama pipeline.<\/p>\n<p>Crude oil tankers too large to navigate the Panama Canal sail around  Cape Horn in South America to reach the US West Coast. Under the new  agreement, BP-chartered Very Large Crude Carriers (VLCCs) can now sail  to the Caribbean port of Chiriqui Grande where the oil will be stored  and piped to the Pacific coast port of Charco Azul and loaded on tankers  bound for the West Coast.<\/p>\n<p>The presence of onshore storage on the Panamanian coasts also provides  for crude oil blending and optimized cargo volume and delivery window to  meet individual refiners\u2019 needs. For example, BP\u2019s dedicated crude oil  storage at these ports can help West Coast refineries reduce demurrage  costs associated with having VLCCs waiting in port for prolonged periods  while discharging crude into limited tankage.<\/p>\n<p>\u201cBP\u2019s ability to utilize new dedicated tankage at terminals on both  coasts and the reversed pipeline will provide U.S. West Coast refiners  with more diverse and flexible supply options, and also grow our  business in Latin America. This overland route greatly reduces transit  times and lowers freight costs for many of our customers,\u201d said Paul  Reed, chief executive of BP\u2019s integrated supply and trading organization  at a commissioning ceremony today in Panama City. \u201cThis is also good  news for Panama. It creates new jobs on both coasts of the pipeline  bringing increased prosperity to the region.\u201d<\/p>\n<p>Today\u2019s ceremony was also attended by representatives of the Panamanian  government, and senior executives from BP, PTP, Northville Industries,  who are the managing partner of PTP, and other local businesses.<\/p>\n<p>Source: <a href=\"http:\/\/www.centralamericadata.com\/en\/links\/follow\/2028595\" target=\"_blank\">TankTerminals.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This pipeline runs through Chiriqui and connects the Caribbean to the Pacific ports.\u00a0 Eventually we may see a<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[198],"class_list":["post-4277","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-bp"],"yoast_head":"<!-- This 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