Panama has completed the $191.7m acquisition of the remaining 41% of Petroterminal de Panamá (PTP), taking full ownership of the company operating oil terminals on the country’s Atlantic and Pacific coasts and the pipeline linking them, according to Panama’s Ministry of Economy and Finance.
The transaction covered 82,000 shares previously held by non-state shareholders. Panama already owned the other 59% of PTP. The transfer and payment were formalised with representatives of the Comptroller General, Banco Nacional de Panamá, PTP and the selling shareholders.
Operations will continue without interruption under the existing management contract, while PTP employees will remain in their positions. Cabinet Decree No. 10 of 11 August set the purchase price at $191,701,240, or $2,337.82 per share, using a contractual formula based on PTP’s audited financial statements for the year ended 31 December 2025.
The acquisition exercised a purchase right granted to Panama under an association agreement dating from 1977. Cabinet Decree No. 9 of 16 July authorised the state to acquire all PTP shares it did not already own.
The approved financing structure allows the Ministry of Economy and Finance to establish an administration trust with Banco Nacional de Panamá and arrange one or more credit facilities of up to $200m. The financing may cover the acquisition price, first-year interest, commissions and related costs. Dividends attributable to the acquired 41% are to be used to service the financing.
PTP traces its origins to the late 1970s, with transshipment operations at Charco Azul beginning in April 1979.
NIC Holding Corp. is a US company based in Melville, New York, involved in hydrocarbon storage, distribution and commercialisation. It developed and managed the PTP venture in association with Panama.
Northville Industries Corp. was a party to the original association agreement with Panama and PTP.