Seeking price cut solutions

PANAMA. President Ricardo Martinelli met with representatives of the oil industry countries on Monday to seek alternatives that would diminish consumer prices.

During the meeting, the members set out to review transport methods, promote more efficient handling in their offices, and investigate the use of credit letters or payment guarantees to pay for fuel imports.

It was announced that a new bill to promote the production of ethanol in Panama will be introduced at the next meeting of the National Assembly.

Martinelli encouraged high ranking officials to involve themselves in the process of looking for better prices, while preserving the environment, stimulating investments and exploring new fuel alternatives.

Over the last few years the National Environmental Authority ANAM together with the Ministry of Commerce have been exploring alternative sources of energy in an effort to cut the dependency of the country on fossil fuels.

Recently a Spanish company secured the necessary permits to open a wind park near Penonome, Cocle province that will produce enough electricity for the area.

Currently Panama has the most costly electricity in Central America.