Other Mega Projects in Panama

The Panama Canal Expansion

Panama voters approved the $5.25 billion expansion of the Panama Canal in a referendum in 2005. The project kicked off in 2007 with the start of excavation in the Cerro Paraiso area. The expansion will double the capacity of the canal, allowing greater traffic to traverse it by creating a new lane of traffic with the construction of a third set of locks, one lock berth on the Pacific and another on the Atlantic. The new locks will also require three new access channels to be excavated, as well as the existing ship navigation channels extended and deepened as part of the project. Construction is scheduled to be completed in 2014. More information can be found at the Panama Canal Authority’s website.

The Cinta Costera Coastal Project

The prominent Balboa Avenue through downtown Panama City along the Panama Bay is benefitting from a $189 million beautification project that opened in July 2009. More than 25-hectares of the bay were infilled to create a new downtown destination for the city, featuring 2.6-kilometers of pedestrian and cyclist-friendly sidewalks along the bay. The city is benefiting immensely from the four new lanes of traffic along Balboa, as well as three new bridges, and two elevated viaducts. The city’s vision calls for this area to become a nightlife and entertainment destination for residents and tourists alike, which will take some time. However, Panamanians and visitors alike are already enjoying this vibrant, active space for exercise, easier traffic flow and socializing. 

A New Oil Refinery

A new $8 million oil refinery is in the planning stages for Puerto Armuelles area in the province of Chiriqui, on Panama’s northern border near Costa Rica. The new refinery would be built to process 350,000 gallon barrels of crude oil each day supplying Panama, all of Latin America, the east coast of the United States and the Middle East.