Panama Completes Acquisition of Oil Transport System

The Republic of Panama has completed the acquisition of Petroterminal de Panamá (PTP), establishing full state ownership of the entity. This strategic move provides the Panamanian government with complete control over a significant oil transport system.

The acquisition involved the purchase of the remaining 41% stake in PTP. This transaction brings the state's ownership to 100%, following an investment of $191.7 million.

PTP operates a vital infrastructure network, including terminals situated at Chiriquí Grande on the Caribbean coast and Puerto Armuelles on the Pacific coast. These facilities are integral to the country's energy logistics.

Central to PTP's operations is a 131-kilometre pipeline system. This infrastructure facilitates the cross-country transport of crude oil, connecting the Atlantic and Pacific oceans and offering an alternative route for hydrocarbon movements.

The system is designed to handle various crude oil grades, providing flexibility for global energy markets. Its operational capacity supports the efficient transfer of significant volumes of crude oil.

This development underscores Panama's commitment to managing its critical energy infrastructure. The full state ownership of PTP is expected to ensure the continued reliable operation of this essential oil corridor.