Port of Barranquilla to Get Liquids Terminal

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