Panama

BP announces plans to transport oil through Panama

by moveforward on February 2, 2012

BP announces plans to transport oil through Panama

While we have all heard of the Panama Canal, perhaps the most valuable trade route in the world, very few people will know of a pipeline which runs parallel to the Panama Canal and was historically used to ship oil from Alaska down to South America. The original pipeline ran from 1982 to 1996 although BP recently announced a deal with local petroleum company Petroterminal de Panama (PTP). So what does this mean for BP and what does it mean for Panama?

What is it about the Panama Canal?

Everybody has heard of the Panama Canal which is the most lucrative trade route in the world allowing ships to avoid the onerous journey around the southern tip of South America and back up the East/West Coast. Billions upon billions of dollars have been invested in the Panama Canal and as a consequence the Panamanian economy is heavily dependent upon the success of this particular trade route. We have seen major changes over the last few years with the introduction of further channels and an ongoing maintenance program to ensure the trade route is as efficient as possible. [click to continue…]

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