Panama bids to regain control of strategic oil pipeline
The Panamanian government said on July 17 it would buy the remaining 41 percent private stake in Petroterminal from a U.S. company, giving Panama complete control of the strategic oil pipeline.
Once the transaction is completed, "Panama will own 100 percent" of Petroterminal, "consolidating national control over one of the country's most important strategic infrastructures," the government said in a statement.
It said the acquisition would be funded "with the income and cash flows generated by the company itself," without giving the value of the transaction.
"Our goal is for this strategic infrastructure to generate increasing value and greater benefits for all Panamanians," Panama's Minister of Economy and Finance Felipe Chapman said.
