The government paid $191.7m for the remaining 41% stake in the company, taking ownership to 100%.   Petroterminal operates terminals at Chiriquí Grande on the Caribbean coast and Charco Azul on the Pacific, linked by a 131 km transisthmus pipeline.   Together, the assets allow crude and petroleum products to cross Panama without using the Panama Canal itself. The system can move around 10m barrels a month, while the deepwater Charco Azul terminal is capable of handling VLCCs, giving Panama a significant role in interoceanic oil logistics.    The government said existing operations and contracts will continue unchanged, while full ownership gives the state greater control over future energy, logistics and maritime development around the asset.   The acquisition comes as Panama takes a more assertive approach towards strategic maritime infrastructure.      Earlier this year, the country took control of the Balboa and Cristóbal container terminals after the annulment of CK Hutchison’s concessions, subsequently placing their temporary operation with subsidiaries of Maersk and MSC.

The Petroterminal deal is less confrontational. It was completed through a purchase right contained in the company’s original 1977 agreement and financed against Petroterminal’s own revenues and future cashflows.