Panama government has given PSA-Panama International Terminal (PPIT) a 20-year concession that will allow the Singaporean company to expand its operations, according to Panama’s Official Gazette.

The terminal operator will invest $350m in the project that is located in the former Rodman Navy base, on the Eastern bank of the Panama Canal.

The existing terminal will add a total of 32 hectares for the development, construction, operation and management of the container terminal whose capacity will grow from the present 450,000 teu to 1.8m teu facilitating container movements, bulk cargo and vehicles.

The Panama Maritime Authority (PMA) will receive, at the end of the concession, in monthly fixed fees the sum of $17.6m, in addition to the rates for container units movements negotiated in the contract.

PSA-Panama International Terminal has been fully operational since July 2011. In 2013, it moved 123,808 teu, up 131.5% over the previous year. During the first two months of 2014, the terminal grew 366.5% compared to the same period in 2013 and moving 36, 691 teu, according to the PMA statistics department.