The Panama Canal announced that during an official trip to Japan, President Jose Raul Mulino of Panama had begun a process for developing a new interoceanic gas pipeline energy corridor to serve the canal.

The statement said that the pipeline would be the first project under this platform. It will strengthen the country's competiveness, and address a strategic requirement on the global energy markets.

The Panama Canal board authorized the selection process. Prequalification of interested parties is expected to start this year, and the final concessionaire will be selected by the fourth quarter 2026.

The project is part the Panama Canal's revenue diversification strategy, which aims to increase service offerings and cargo capacity without using additional water, as well as position Panama to be a global trade hub.

(source: Reuters)