Panama said it expects 20 million tons of liquefied natural gas (LNG) to pass through its canal annually once the newly widened waterway is opened this month. ThatÂ’s almost a tanker of gas a day traveling through.
The $5.3 billion expansion to the canal is set to be inaugurated June 26, allowing it to handle the kind of massive tankers that transport LNG. Its debut is positive for US gas producers as the shale boom has sent domestic supplies surging and drillers are looking to get their fuel to markets abroad. The expanded canal is anticipated to help US gas producers by cutting the shipping time to markets in Asia, as the Panama Canal offers the shortest route.