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Panama Takes Control of Key Oil Pipeline
The Panama government announced the completion of its procedures to acquire the remaining stake in Petroterminal de Panama, granting the state full control over the strategic oil pipeline that connects the Caribbean and Pacific coasts. The government will purchase the 41% stake owned by U.S.-based NIC Holding, increasing the state's ownership from 59% to 100%. The transaction amount was not disclosed and will be financed from company revenues without relying on treasury funds, and it will not lead to an increase in public debt. This acquisition aims to strengthen Panama's control over energy facilities and logistics services, and to generate greater returns from operating the pipeline, which serves the oil trade between markets on both sides of the ocean. This move is part of Panama’s efforts to become a major hub for the transportation and storage of energy products between the United States and Asia.
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