The Panamanian government announced on Friday its intention to acquire the remaining 41% private stake in Petroterminal from the U.S.-based company NIC Holding Corp, thereby obtaining full ownership of the strategic oil pipeline operator. Upon completion of the transaction, Panama will hold 100% control of Petroterminal, reinforcing national authority over a critical infrastructure asset.

Petroterminal, established in 1977 as a joint venture between Panama and NIC Holding Corp, operates as a storage and distribution facility for hydrocarbons unable to transit the Panama Canal due to the size of the ships. This infrastructure plays an important role in energy logistics, particularly for shipments destined for the eastern United States.

According to a statement from Panama’s Ministry of Economy and Finance, the acquisition will be financed using the company’s own revenues and cash flows. The government did not disclose the monetary value of the deal. Felipe Chapman, Panama’s Minister of Economy and Finance, emphasized that the purchase aligns strictly with legal frameworks and expressed the objective of increasing Petroterminal’s value while delivering broader benefits to the Panamanian population.

The move signifies the government’s efforts to consolidate control over key economic assets and enhance national management of strategic resources tied to energy transportation and distribution. The transaction is pending finalization, with Panama poised to secure full proprietorship of Petroterminal once all approvals and conditions are met.