Today, Grupo Coremar and Zenith Energy announced the award of a contract for the construction on the first phase of a new, multi-product liquids terminal in Palermo, Magdalena Department, Colombia .
The initial construction phase will satisfy the needs of up to 528,000 barrels for refined and crude oil storage. Featured in the construction will be a new 50,000 dwt ship dock, 6 lane truck racks, as well as accompanying infrastructure.
Palermo Tanks will hold a permitted storage of up to 2.5 million barrels for third party merchant storage, allowing for the acceptance of clean products, crude, asphalt, vegetable oil, and petrochemical streams, to and from a 50,000 dwt dock with approximately 12.5 meters of draft alongside.
“ Palermo Tanks, located inside Grupo Coremar’s world class Palermo Port Society location, provides the deepest draft for the most modern liquids terminal in the Barranquilla market.” said Jeff Armstrong , President of Zenith Energy . “This is the first of many planned strategic midstream investments for Zenith Energy in Colombia , one of the most important energy economies in the region.”
Palermo Tanks is being constructed within Grupo Coremar’s 426 acre Palermo Port Society development; the Port offers a variety of dry, break bulk and liquids services. Importantly, the Palermo Port Society development is especially well-suited for efficient business, owing to its ideal location alongside the Magdalena River, as well as its quick access to Colombia’s national highway network.
“ It’s with great pride that we announce the commencement of construction of Palermo Tanks in Barranquilla,” said Mr. Saverio Minervini , founder and chairman of Grupo Coremar .
Engineering work and construction are underway on these initiatives, and commissioning of the new terminal is targeted for the second quarter of 2015.
[mappress] Press Release, June 26, 2014