Panama aims for full control of Petroterminal, eyeing strategic benefits

Panama's government is moving to become the sole owner of Petroterminal de Panamá, a critical infrastructure company that operates a specialized oil transport system connecting the Atlantic and Pacific oceans. The state currently holds a 59% stake and announced its intention to acquire the remaining 41% of the concessionaire company.

Fernando Aramburú, former manager of Petroterminal, characterized the decision as primarily strategic rather than purely financial. He emphasized that the platform is a key logistical asset that complements Panama's Canal, ports, airports, and financial centers. René Quevedo, a business advisor for the Ministry of Economy and Finance, added that state ownership would ensure control over an infrastructure capable of moving up to 36,000 barrels of oil daily.

Quevedo also explained that the acquisition would be financed through Petroterminal's own revenues and dividends, avoiding the need for new state debt. This financial arrangement is described as a payment plan where shares are bought over time using the company's cash flow. Petroterminal currently serves producers from regions like Colombia, Texas, Guyana, and New Orleans, facilitating crude oil transport to markets in Africa and the Middle East.

Former administrator of the Panama Canal, José Luis Quijano, suggested that state control could pave the way for new energy projects, such as a potential gas pipeline. This would create an energy corridor alongside the existing logistical one, potentially easing congestion on the Panama Canal and offering more options for energy product transit. The state's involvement in Petroterminal has grown since the 1970s, increasing from 25% to its current 59%.