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Palermo Tanks Terminal moves forward

Published by , Editorial Assistant
Tanks and Terminals,

Zenith Energy (Zenith or the company), an international liquids and bulk terminaling company, and its partner Grupo Coremar, a leading marine transportation and logistics company in Colombia, has announced that they have completed the first phase of the Palermo Tanks Terminal (Palermo Tanks) located in the port of Barranquilla, Colombia.

The world class facility has an initial capacity of 352 000 bbls for refined products and crude oil storage, a new ship dock, and six lane truck rack, as well as accompanying infrastructure. Palermo Tanks will hold a permitted storage of up to 2.5 million bbls for third party merchant storage, allowing for the acceptance of clean products, crude oil, asphalt, vegetable oil and petrochemicals to and from a 50 000 dwt dock with approximately 12 m of draft alongside. The phase one capacity was contracted on a term basis, and Zenith will be pursuing the next phase of expansion over the next year.

Palermo Tanks is located within Grupo Coremar's 426 acre Palermo Port Society development. The port offers a variety of dry, break bulk and liquids services and 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 and the country's major mining region.

"We are delighted to partner with Grupo Coremar, one of the premier marine transportation and terminal companies in Colombia," said Jeff Armstrong, President and Chief Executive Officer of Zenith. "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. This is the first of many planned strategic midstream investments for Zenith in Colombia, one of the most important energy economies in the region."

"It is with great excitement that we complete the first phase of Palermo Tanks in Barranquilla," said Mr. Saverio Minervini, Founder of Grupo Coremar. "Our joint venture with Zenith, a partner with impressive experience in the international oil and gas industry, and in midstream development, complements our vision and reinforces our objective to be the leading asset based logistics group in the country, focused on the energy industry."

Adapted from press release by Francesca Brindle

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