Shanghai Gorgeous, a private Chinese group is investing at least $1,8 billion dollars to develop two major projects in Colon province.
The first and most advanced with an investment of $900 million is the Colón Container Port, located on Margarita island which will add 12 cranes and capacity to handle 2.5 million of TEU or 20-foot containers.
The group’s second megaproject is the Martano power generation plant, an initiative for the production of energy with liquefied natural gas, with the capacity to deliver 441 megawatts and that would be operational by 2020, with an estimated investment of $900 million.
This work includes a terminal to be supplied with natural gas from a floating tank.
The Shanghai Gorgeous group received the license with a series of tax benefits last year.
At that time, the permanent representative of the ChinaPanameño Business Development Office, Wang Weihua, acknowledged that the offer of Panama as a platform for the distribution of Chinese products in Latin America is a possibility with growth potential for the Chinese private sector.