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Sunday, April 21 2019 @ 08:29 PM UTC

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What "Refinery & Petrochemical Park" in Panama?

Foreign Direct InvestmentLatin Business Chronicle - Latin America's and Asia's respective strengths present opportunities for collaboration. BY LIM HNG KIANG - Most people think of Latin America and Asia as two regions separated by culture, language and history. Yet, Asia and Latin America are more connected than we imagine. In recent years, political and economic ties between Latin America and Asia have deepened. Not only have government–to-government links and interactions grown, but companies from both regions have increasingly come to realize the potential for doing business with each other. The growth in total trade flows between Latin America and Asia bear testament to this, having risen to reach US$267.3 billion in 2007, an increase of 24 percent over 2006. (more)
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Helitech Support signs Can$11M contract with Panama National Air Services to retrofit five Bell 212s

Foreign Direct InvestmentRotorhub.com - Helitech Support Services is pleased to announce the signing of an 11 million dollar contract with Panama National Air Services for the Service Life Extension Program (SLEP) of five Bell 212/UH-1N aircraft. “This deal was the culmination of two years of hard work and dedication and we’re happy to finally be working on these aircraft,” Greg Bartlett, Vice President Helitech Support, stated. This contract will see Helitech completing one aircraft every six to eight months for a total contract length of two years. Commenting on the contract Greg Bartlett replied “This is a great contract for Helitech and I know we have the technicians and the resources to complete the contract on time and within budget.” About Helitech Located at the Abbotsford International Airport 45 minutes outside Vancouver British Columbia, Helitech Support Services is an independent helicopter MRO facility with over 20 years of successful history. With a total shop space of 27,000 Square feet, Helitech specializes in both civilian and military helicopter completions including: Structures, Avionics, Components, and Hydraulics. Helitech performs complex customization projects on Bell and Sikorsky commercial aircraft, and extensive structural repairs on military Blackhawks.
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CrimsonLogic Secures Multimillion Dollar Project in Panama

Foreign Direct InvestmentSDA Asia - Singapore based CrimsonLogic, together with its Strategic Alliance Partner in Panama, Smart Solutions Marketing (dChain), has been awarded a USD10 million contract to build, operate and maintain an integrated customs management system (ICMS) in Panama. Commenting on this contract win, Leong Peng Kiong, CEO of CrimsonLogic said, “CrimsonLogic has made significant inroads into Panama over the last few years, and this win highlights the solid reputation we have built as a trusted solution provider in trade and logistics in Panama. It is our intention to use Panama as a base to further expand our business to other parts of Central and Latin America.” The win marks CrimsonLogic’s third major success in Panama. (more)
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Ocean Embassy Abandons Plans for Dolphin Park in San Carlos

Foreign Direct Investment By Eric Montenegro for the Panama America - The company Ocean Embassy has desisted, through a note sent to the Aquatic Resources Authority of Panama (ARAP), its plans to build a dolphin based water park in San Carlos. Reynaldo Pérez Guardia, the administrator of the ARAP, said he does not know if Ocean Embassy decided not to build the dolphin park due to pressure from national and international groups that defend dolphins. However, he indicated other people are interested in completing the project. Perez said that in the area there was a lot of hope that this project would have created new jobs and employment opportunities.
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Panama's Rural Poor To Benefit From IFAD Project

Foreign Direct InvestmentPress Release: United Nations - A new project backed by the United Nations International Fund for Agricultural Development (IFAD) aims to improve the lives of some 10,000 men and women in rural Panama - the majority of them small farmers, landless labourers, unemployed youth and female heads of household. IFAD is providing a $4.2 million loan towards the six-year, $12.3 million project, under an agreement signed today in Rome by the agency's President Lennart Båge and the Ambassador of Panama to IFAD, Eudoro Jaén Esquivel. The project targets the five poorest districts of Veraguas Province in central Panama and those whose annual income is less than $953. It will focus on promoting new income-generating activities and identifying new national and international markets to sell produce. To help the region's farmers, the project will provide basic inputs and technical assistance to increase productivity, as well as programmes to enhance access to micro-credit and to improve their business skills. The project will feature an innovative "territorial development council," consisting of local government representatives, producers and community groups who will make up the main decision-making body. IFAD has now financed eight rural development and poverty eradication projects in Panama, committing over $80 million.
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Grainger targets Central America

Foreign Direct Investment(Reuters) — Building maintenance supply company W.W. Grainger Inc. said on Wednesday it was interested in expansion in Central America, in addition to Mexico, Canada and China. The company, which distributes products such as adhesives, hardware, power tools and shelving, also told the Electrical Products Group's annual conference that it will open a branch in Panama this summer. The company said it will increase the number of branches it operates in Mexico and aims to be the first "national player" there. In Canada, Grainger is targeting growth in the eastern part of the country.
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Texas-based Harken to explore for oil off Panama's Pacific coast

Foreign Direct InvestmentInternational Herald Tribune - PANAMA CITY, Panama: Texas-based Harken Energy Corp. has signed a contract with Panama to explore for oil and gas off the country's Pacific coast. The concession allows Harken to explore an area of 690,000 acres (280,000 hectares) in the Gulf of San Miguel, Commerce and Industry Minister Alejandro Ferrer said Tuesday. Harken will invest US$10 million (€7.4 million) in the exploration phase, which could last up to four years, said Stephen Voss, director of Harken de Panama Ltd. "There is considerable evidence that there is as much oil as gas in Panama, and what we'll try to determine is if it is of commercial value," Voss said. Ferrer said the five-year concession could be extended as long as 20 years and requires Harken to assess potential environmental impact.
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Harken Will Search for Oil in Panama

Foreign Direct InvestmentBy Gilberto Pérez for La Estrella de Panama - Two weeks ago details of operations contract Number 53 between the Panamanian government and the company Harken de Panama Limited were published in the "Gaceta Oficial" (Official Gazette) for the exploration and exploitation of petroleum in the waters of the Pacific off of the Panamanian coast, specifically near Garachiné in the Darién. What's curious us that the President of the USA George W. Bush was a member of the board of directors of this company between 1986 and 1993. The contract emphasizes the explorations will occur in an area covering 279,000 hectares at an estimated investment of more than $10 billion dollars with a term of operation of 25 years.
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Expocomer 2008 Starts Today at Atlapa

Foreign Direct Investment By Roberto González Jiménez for La Prensa - The Atlapa Convention Center plays host to Expocomer 2008, the largest commercial fair in Central America and the Caribbean, which starts today and will run through the weekend. The show will be inaugurated by Mexican President Felipe Calderón. Interest in the show has grown there will be more countries and companies represented than ever. According to the President of Expocomer Fernando Arango their income has already grown 7% compared to last year, and they would have been able to do even better if they had a larger facility to host the convention. Some companies were not able to participate for lack of space. This is the 26th edition of Expocomer, which will be attended by more than 600 exhibitors from more than 30 countries. Last year more than $127 million dollars in deals were signed during the show. Organizers hope to be able to surpass that total with this year's show.
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Lingo24 Develops its New Team of Professionals in Panama

Foreign Direct Investment NewswireToday - London, United Kingdom - Consolidating its reputation as the best provider of fast and high-quality language services to customers around the world, Lingo24 opened a new centre of operations in Central America earlier this year. The new home of the web’s fastest-growing translation company, Panama is a favoured location of successful businesses around the globe. More than just the country of sunny beaches and welcoming people, where tourism is a national industry, Panama also stands out as the most industrialised country in Central America, having maintained strong and thriving economic growth over the last few years. (more)
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Panama International Merchandise Mart - PIMM

Foreign Direct Investment (Press Release) The Panama International Merchandise Mart (PIMM) is currently under development near Panama's Colon Free Zone and is Latin America's first wholesale merchandise mart. Now you can book a showroom, office and or condo at PIMM's new website (www.pimm.com). When you do, projections prove you can make US$2 million in sales, with lower overhead, in your first year. Are you a manufacturer, wholesaler, importer or exporter that wants to access the Latin American marketplace through PIMM? What does a showroom in the Panama International Merchandise Mart offer? Statistics released by ECLAC, the World Bank, the IMF and others prove that Latin American economies grew by between 4% and 5% in 2007. As a result, consumer spending is up. (more)
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Adios to Chiquita Bananas in Panama

Foreign Direct Investment Panama, Mar 1 (Prensa Latina) Members of cooperatives and workers celebrated withdrawal of the Banana Transnational company Chiquita Brand from Panama, which has controlled fruit business in the country for the last 80 years. The event was celebrated with a ceremony at Baru locality, Chiriqui western province that was attended by ministers of Agricultural Development Guillermo Salaza and Labor Edwin Salamin, according to reports here on Saturday. The Multiple Services Cooperative of Armuelles Port bought assets from Chiquita on April 25, 2003 through 29 million dollars in credit granted by the government. However, it later canceled the new contract of fruit sale to the company amidst large workers protest against the conditions imposed by the company that facilitated profiteering. The General Secretary of the Chiriqui Land Company Salustiano de Gracia said that massive social changes are expected in the banana area and ratified the commitment to get the cooperative off the ground. The transnational was first operating under the name of United Fruit Company leaving a trail of suffering in the nations of the region where it imposed governments and dictatorships subordinated to the interests of US business.
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Panama Economic Expansion Continues

Foreign Direct Investmentfxstreet.com - Panama's construction sector expanded 25 percent last year, spurred by the Panama Canal expansion project and high-rise apartment buildings, said Michael Fernandez, economic director of an industry group. Construction was the fastest growing part of Panama's economy in 2007 and now accounts for 5.3 percent of gross domestic product, said Fernandez, whose Construction Chamber represents the country's biggest builders. ``There is no bubble here,'' Fernandez said, adding Panama is unlikely to experience a real-estate bust similar to the one that's occurring in the U.S. ``The world has discovered Panama and now they are investing.'' Panama's ex-president, Nicolas Ardito-Barletta, said 42 percent of the new luxury apartments built last year were sold to foreigners seeking a second home in Panama.
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Fishing for trees: Alaska company heads up Panamanian project

Foreign Direct Investment By Carly Horton for the Alaska Journal of Commerce - Kuna Indians from the San Blas Islands inspect a stump extracted from Gatun Lake, near the Panama Canal, by Anchorage-based marine diving contractor Gunderboom Inc. Gunderboom is training members of the Kuna tribe in basic commercial diving, and to use the equipment and techniques to harvest the trees. Photo courtesy of Gunderboom Inc. Call them the underwater polar lumberjacks of the Panama Canal. Anchorage-based Gunderboom Inc. has a contract to recover trees that were submerged during the construction of the Panama Canal in the early 1900s. (more)
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Spanish Company to Invest $1.5 Million on "Bio-Factory"

Foreign Direct InvestmentBy Gilberto Pérez for La Estrella de Panama - The Spanish company Vitrobio Valencia SL will invest $1.5 million dollars to build the first biotechnology laboratory for the production of advanced plants on 10 hectares of land in Chepo. Company President Joaquin Colomina said they will start the first phase of construction on the facility in the coming weeks, and added he was notified yesterday that their environmental impact study has been approved. They expect construction to take approximately 16 months. The institute will focus on plantains, pineapples, cocoa, and tubers to facilitate seed production programs, distribution and the interchange of germoplasma. The plants mentioned could be planted in any time of the year, allowing for early plantings to achieve a scaled production. This process helps the to store products for several months without losing their viability. This "bio-factory" has the goal of exporting highly competitive materials to the international market. Colomina added they plan to meet in the next few days with tomato and pepper producers from Chiriquí to interchange information and to present their new project to them.
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Corn Growers Negotiating to Sell 90% of Crop for Ethanol Production

Foreign Direct Investment By Gilberto Pérez for La Estrella de Panama - With an investment of about $20 million dollars, businessmen from Spain are considering the development of a processing plant to produce Ethanol in Los Santos. The businessmen have been showing their interest since 2007, and have maintained conversations with the Association of Producers of Corn and Sorghum of Los Santos, according to their President Valentín Domínguez. Gonzalo Cambefort, the Director of the Institute of Farming Trade, said the project could basically absorb the national production of corn and cause an increase in the demand and therefore domestic prices, and that before this kind of project is put in place farmers should first augment production to supply the plant. At the moment there is not enough corn grown in Panama to supply domestic consumption.
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Competitiveness program to strengthen Panama public sector

Foreign Direct Investmentfibre2fashion.com - The Inter-American Development Bank announced the approval of a US$51,323,000 loan for the first phase of a broad competitiveness program in Panama, which has reached several trade accords in recent years to expand its access to international markets. To take advantage of opportunities created by these pacts, Panama needs to boost its competitiveness and increase the efficiency of public sector agencies responsible for promoting exports. The competitiveness program will strengthen the public sector’s capacity to negotiate and manage trade agreements and increase its ability to implement plans to foster exports and attract foreign investments. An electronic platform will be developed to provide services, information and data on trade and simplify procedures for exporters and investors. (more)
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Fersa to invest 700 mln eur in Panama wind farms

Foreign Direct Investment CNN Money.com - MADRID, Dec. 12, 2007 (Thomson Financial delivered by Newstex) -- Fersa Energias Renovables SA will invest 700 mln eur to construct two wind farms in Panama, Negocio reported, citing comments from the renewable energy group's (NYSE:RWE) chairman Jose Maria Roger. The wind farms will have a total capacity of 400 megawatts, the newspaper said. Fersa is negotiating with GE (NYSE:GE) Energy, Gamesa, among others to import wind turbines for the project and to set up frameworks for future agreements, with 1,650 megawatts of total installed capacity targeted by 2011, Negocio said.
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Thacher Proffitt Completed Trump Ocean Club Bond Offering

Foreign Direct InvestmentNEW YORK, Nov. 20 /PRNewswire/ -- Thacher Proffitt & Wood LLP announced today that the Firm acted as underwriter's counsel on a $220 million senior secured note offering for Newland International Properties, Inc., the company that owns and is developing the Trump Ocean Club International Hotel and Tower in Panama City, Panama. Bear, Stearns & Co. Inc. acted as sole underwriter of the deal, which was placed in the U.S. institutional and international markets. The bond proceeds will be used to finance construction of the project, and the collateral consists of real property, cash accounts and the receivables generated by sales of units in the project. (more)
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Panama backs proposal to build $40 bln energy hub

Foreign Direct Investment By Andrew Beatty PANAMA CITY, Nov 20 (Reuters) - Panama is backing a private $40 billion proposal to make the country a regional energy hub, the latest in a string of similar initiatives, Vice President Samuel Lewis Navarro said on Tuesday. The project, put forward by Energias, a consortium led by Spanish firm Tecnicas Reunidas (TRE.MC: Quote, Profile, Research) and Singapore's Jurong Consultants Pte Ltd, would create two energy parks - one each on Panama's Pacific and Caribbean coasts. If the project gets financing and overcomes environmental concerns, it would include facilities to refine around 2 million barrels of crude oil a day. It would also include include liquefied natural gas import terminals and petrochemical production plants. (more)
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Cosco sets up subsidiaries in Panama

Foreign Direct InvestmentSINGAPORE/PANAMA: Cosco Corp. (Singapore) Ltd., through its wholly-owned subsidiary, Cosco (Singapore) Pte Ltd., incorporated two wholly-owned subsidiaries in Panama on Oct. 30. The subsidiaries, Cos Knight Shipping Maritime Inc. and Cos Lucky Shipping Maritime Inc., each set up with an authorized capital of US$10,000 and paid-up capital of US$2, will be involved in the acquisition of vessels on behalf of Cosco.
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Direct shipments from Panama

Foreign Direct InvestmentCayman Net News - Miami-operated SeaFreight Line Limited has commenced weekly, fixed-day service calls from Manzanillo International Terminal, Panama to Grand Cayman. The new service began with first vessel leaving Panama on Tuesday, 30 October and will continue every Tuesday thereafter. The service from MIT Panama to Grand Cayman will be weekly, with a seven-day transit. The company announced that it had appointed CB Fenton Panama as Agents in those respective markets. “This is an exciting time for us as we continue to expand the services that we can offer to our clients. Panama is a traditional and growing trading partner within our area and our schedule will present great opportunities for cargo to and from Panama with very attractive transits,” the carrier said. (more)
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Panama wants to learn from N.S. ambulance experience

Foreign Direct InvestmentNova Scotia News - TRI-STAR INDUSTRIES of Yarmouth and the province have inked a deal with Panama to share expertise in ambulance services. Health Minister Chris d’Entremont says the province’s ambulance system is recognized as one of the best in North America and Panama wants to know how it moved from a fragmented private system just 10 years ago, to a world-class ambulance system. The agreement focuses on discussing opportunities and does not involve a financial commitment. Keith Condon, president and CEO of Tri-Star, said he invited representatives from Panama to Nova Scotia to see the ambulance system and the Tri-Star factory earlier this year. The Central American company signed a contract for 22 ambulances that will serve as a foundation for the country’s new system.
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Panama City - New Law Gives Additional Boost to Already Booming Real Estate Market

Foreign Direct Investment(PRWEB) November 3, 2007 -- 'Law 41', recently passed by Panama's National Assembly, created a stir throughout the region earlier this month as savvy investors recognized its potential to give a further boost to the already booming real estate market in the Republic of Panama. The Law, designed to encourage the establishment of Multinational Companies in Panama, gives exemption to Multinationals from the payment of income tax in the Republic of Panama for all services provided to any entity domiciled outside Panama. In addition, it allows licensed Corporations to hire trusted foreign employees to fill management positions in the company authorizing them to work and reside in Panama which could spell an influx of international professionals moving to Panama. (more)
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Schat-Harding New Panama Service Station

Foreign Direct Investment Leading lifeboat and davit manufacturer Schat-Harding has put in place a key new facility in its global service network with the acquisition of Panama Maritime Support Inc. The Panama-based independent lifeboat service company will form the basis of an expanded service facility able to provide Original Equipment Manufacturer lifeboat and davit service to all vessels trading to Central and South America. Gary Joseph, president of Schat-Harding Americas, says, "Our new Panama-based service station will provide owners with a major new resource, covering not only Schat-Harding brands but boats and davits of the many other manufacturers for which Panama Maritime Support is authorized. We will expand the new base with more engineers and equipment and link it to our SHIELD database and spares network. During 2008 we will station a CleanHull machine and crew there. Ships will be able to get full and safe lifeboat service and an environmentally friendly hull clean, at a key transit location." (more)
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New visa law, BAD news for Panama!

Foreign Direct InvestmentHello friends! Since posting my previous comments, I have done some research to possibly find other alternatives than Panama for my future. I quickly came up with two: 1. Bahamas. Any tourist are allowed to stay there up till 8 months of the year without anything else than a tourist permission which is given to anyone able to provide for themselves. 2. Belize. Although they also have an initial 30-day tourist visa, you can purchase a permit at the airport (from what I was able to understand) for a much longer period. I believe it was US$100,-? (Have to check again.) Which is fine by me. (more)
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Panama Cancels $400 Million Dollar CEMIS Contract for Breach

Foreign Direct Investment By Edith Castillo Duarte for La Prensa - Panama's government decided to terminate, "for breach", the contract granted in 2002 to the Partnership San Lorenzo to develop a Multimodal Industrial and Services Center (Cemis) in the city of Colon. The subject was analyzed yesterday in a meeting between the Board of Directors and the Executive Committee of the Colon Free Trade Zone. The manager of the Colon Free Trade Zone Nilda Quijano said that she notified the company of the decision and that today they will meet with representatives of the company to listen to the positions. The partnership, she explained, has "two periods of cures" and until this process is not exhausted the government cannot make any comments of future plans, because they would incur illegalities. Quijano said they will not renegotiate with the same company. "We must develop a project for the country and now we have more advantages because there are more opportunities". The Contract Law 3 of January of 2001, negotiated during the administration of Mireya Moscoso, was sprinkled of denunciations of bribery during its discussion in the Assembly. The investigations did not prosper and the project that was supposed to be an investment of $400 million dollars was suspended.
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HP to Open Global Services Delivery Center in Panama

Foreign Direct Investment PANAMA CITY, Panama, Oct. 10, 2007 /MySolutionInfo/ - HP today announced plans to build a global delivery center in Panama City, Panama, that will provide services to help customers better manage business information and optimize their technology infrastructures. Panama City was selected due to its well-developed information technology infrastructure, large pool of skilled workers, and government and university support. “Panama welcomes the arrival of such a prestigious company, which has chosen our country to expand its operations in Latin America, presenting real employment and training opportunities to Panamanians,” said Alejandro Ferrer, Minister of Trade and Industry of Panama. “The establishment of HP facilities in our country enormously contributes to enhance our role as a regional logistical center and the pursuit to serve our continent as the hub of the Americas.” (more)
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Panama builds on its economic boom

Foreign Direct Investment von Richard Lapper and Adam Thomson (FTD.de - (Panama City) - A $10bn project outside the capital is the latest sign of US and Canadian hunger to invest in residential property developments. President Martín Torrijos of Panama last month unveiled what could become one of the biggest investment projects in the country's history, with a value of up to $10bn. The creation of an urban centre the size of central London on the outskirts of Panama City is the latest sign of an economic boom that has invited comparisons between Panama and bigger international business centres, such as Dubai. A specially created government agency will provide residents with streamlined regulation and there will be tax incentives for selected industries. London & Regional, the UK-based company that will develop the site, said the project, on the former Howard US air force base, would reinforce Panama's attractions as a centre of international business. Ian Livingstone, of London & Regional, said it would combine industrial, retail and residential properties and its value could be worth up to $10bn. (more)
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Panama dreams of refinery

Foreign Direct Investment By Jim Landers for the Dallas Morning News - PANAMA CITY, Panama – Sometimes the real estate maxim "location, location, location" says more about politics than geography. Panama wants to be one of the energy hubs of the Americas. Occidental Petroleum of California, Qatar Petroleum of the Middle East, and some European and South American investors are pondering whether to build refineries here – not just because Panama gives easy access to both the Pacific and Atlantic oceans, but also because this country is saying yes to refineries at a time when the United States is saying no. Gasoline prices have ricocheted up and down this summer largely because refineries haven't kept up with demand. Lingering maintenance issues, compounded by Hurricane Katrina damage, have caused several shutdowns in the U.S. this summer. "We import millions of gallons of gasoline every day, and that consumption, along with demand from other parts of the world, has led to a shortage of refining capacity." (more)
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