By Susan Li and Katherine Espina (Bloomberg) -- Chemoil Energy Ltd., the world's largest independent supplier of marine fuels, may spend as much as $55 million to build an oil storage terminal in Panama, Robert Chandran, the company's chief executive said. Chemoil will incur ``big savings'' from the terminal, Chandran said in an interview today in Singapore. The company is choosing from three to four contractors, he said, declining to identify them. Chemoil, which counts A.P. Moeller-Maersk A/S, the world's largest shipping company, and Taiwan's Evergreen Marine Corp. as customers, has a strategy of acquiring strategic assets to boost margins. It acts as a gas station for ships, owning or leasing storage facilities for oil products. Chemoil on Oct. 3 said it will build a storage facility in Panama. It will construct a terminal at the port of Cristobal with a total capacity of about 245,000 metric tons. The terminal will take two years to build and will be able to accommodate tankers up to 110,000 deadweight tons and four refueling barges. Chemoil stock has slumped 22 percent since Sept. 17 when the company announced third-quarter profit would be affected by its storage problems in Singapore, Asia's largest refueling stop, and hedging losses. The company will ``go back to normal growth'' in the fourth quarter, Chandran said. To contact the reporter on this story: Nesa Subrahmaniyan in Singapore at nesas@bloomberg.net ; Katherine Espina in Singapore at kespina@bloomberg.net
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