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©Reuters. Panama will build the largest biofuel refinery in the world in 2024
Panama City, May 19 (.).- The Government of Panama and a group of energy companies announced that they will build a biofuel refinery in the country, the largest in the world, for sustainable aircraft, helping the airline industry to reduce Emissions of greenhouse gases.
“Transport represents 27% of greenhouse gas emissions and the only way to decarbonize multiple sectors, such as aviation, is to integrate fossil fuels with compatible biofuels,” said the executive director of SGP BioEnergy, the company behind the project. , Randy Delbert, according to a statement from that company.
The production and distribution plant, which will be completed in 2024, will have the capacity to produce 180,000 barrels per day, about 2.6 billion gallons per year, of biofuel.
The “biorefinery”, as the companies have defined it, will be located in Ciudad Dorada, in Colón (Caribbean) and Balboa, in Panama City (Pacific), both strategic points for being the entrance to the Panama Canal.
“This facility will not only generate cleaner fuels in the short term, but its construction, in a key world trade location serving more than 1,000 ports, will catalyze the industry in the long term,” said Delbert.
And he added that “it will immediately offer biofuels at a lower cost, reduce waste and revolutionize the agricultural economy.”
The project was developed between the company Panama Oil Terminals (POTSA), the Government of Panama and the private sector, and it is planned to be developed in three phases, of five years each, to increase daily production to 60,000 barrels.
US company Fluor, a market leader in refining engineering, procurement and construction, together with its Mexico-based affiliate ICA (OTC:) Fluor, will carry out the initial engineering study.
“Our country welcomes this biofuel production and logistics plant that will help Latin America and the world towards the energy transition and will contribute to innovation to face climate change,” said the President of Panama, Laurentino Cortizo. , always according to the aforementioned statement.
He stressed that the Government is “very excited about the 1,000 jobs that this investment will generate for the inhabitants of Colón and Panama, and” in addition, it has the potential to stimulate the agricultural sector in Panama through the local production of bioenergy raw materials.
The new refinery will retrofit existing facilities designed to process and store 70% of the country’s boiler fuel for refining and storing biofuels derived from pure vegetable oils for energy use, along with waste fats and oils.
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