Shell wins access to oil hub in Panama, sources say

Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro, sources involved in the deal said, gaining much-needed storage for its crude operations.

The facility, designed for storage and transhipment of oil, is owned by Petroterminal de Panama and provides up to 14 million barrels of storage capacity, a pipeline network that connects the Atlantic and Pacific oceans, and docks for very large tankers.

"We have signed a contract with Shell for a three-year period involving all the available space we have," said an official from the Panamanian government.

Source: Reuters