Panama government authorizes $192 million purchase of Petroterminal shares

Panama's government has officially approved the acquisition of 41% of Petroterminal de Panamá, S.A. shares, totaling 82,000 shares held by non-state shareholders, for a sum of B/.191,701,240.00. This decision, formalized by Cabinet Decree No. 10, published on August 20, 2026, aims to strengthen state control over critical hydrocarbon transport and storage infrastructure.

The purchase price was calculated based on the capitalized value per share of B/.2,337.82, derived from Petroterminal's audited financial statements for fiscal year 2025. This move exercises the nation's pre-existing right to purchase these shares, as outlined in the original 1977 Association Contract. The government had previously authorized the exercise of this right in July 2026, formally notifying the non-state shareholders shortly thereafter.

To facilitate the payment, the Ministry of Economy and Finance (MEF) is authorized to establish an administrative trust with the National Bank of Panama. This trust can secure credit facilities up to B/.200,000,000.00 to cover the purchase price, initial debt service, and structuring expenses. The decree clarifies that this trust is a temporary mechanism and does not transfer ownership of the shares or alter the MEF's oversight responsibilities.

Payment to the non-state shareholders is due by August 31, 2026. Following the acquisition, a special dividend distribution plan will be implemented: 59% of generated dividends will go to the National Treasury General Fund, while the remaining 41% will be allocated to a specific account within the National Treasury's Single Account, dedicated solely to repaying the trust financing. The decree emphasizes that the shares acquired through the trust will not be subject to any liens or collateral.