Panama to spend $430 million on LNG terminal

Panama will spend $300 million on a liquid natural gas, or LNG, terminal and $ 130 million on a gas-fired generating plant, the country's ministry of finance said in a statement Wednesday.

The projects will help meet the country's growing energy demand, and reduce the use of liquid fuels, the statement said.

The LNG terminal will allow the country to receive, store, and then regasify LNG cargos in Colon, which is near the Atlantic entrance to the Panama Canal.
The projects will take around five years to complete.

On Wednesday morning, the Chief Executive of Toronto-listed oil company Pacific Rubiales Energy Corp. , Ronald Pantin, said the company plans to start exporting gas to Panama and elsewhere in the Caribbean in the near future.

Source: http://www.nasdaq.com