The Cabinet Council has approved a "free zone for fuel" that will be located on Isla Melones, between Vacamonte and Taboga, that will have a capacity of 2 million barrels of oil.
The government will enter into a contract with Melones Oil Terminal Inc. to build a facility that will include a complex of storage tanks, pumping stations and other components. The facility will cost $65 million.
According to the government, the complex will generate 200 jobs while it is being built.
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