The Office of the Comptroller General of the Republic issued Resolution 3101-DNFG on October 14, 2026, published in Official Gazette No. 30646 of October 30, 2026. The measure responds to Note MEF-2026-65533 of October 7, in which the Ministry of Economy and Finance (MEF) asked for the management acts of Trust Agreement No. 0037, entered into with Banco Nacional de Panamá as trustee and endorsed on August 21, 2026, to be exempted from prior control.

Its first article exempts two operations. The first is the transfer of the dividends of Petroterminal de Panamá, S.A., corresponding to the 41% of the shares acquired, from the account enabled within the Single Treasury Account to the trust account. The second is the payments the trustee makes to cover principal, interest, fees and other obligations arising from the agreement and from the authorizations in Cabinet Decree No. 10 of August 11, 2026. That decree, published in Official Gazette No. 30594, authorized the State's acquisition of the 41% of Petroterminal shares held by non-state shareholders and approved the financial structuring required to pay the price.

The exemption does not remove oversight. The second article requires the MEF to submit quarterly reports within 30 calendar days after each quarter; the fourth article requires it to maintain internal units that monitor the propriety of those payments, and the fifth article reserves to the Comptroller's Office subsequent control and the power to reinstate prior control if a situation warrants it. Under the sixth article, the resolution takes effect upon publication.

For participants in the financial structure, the measure could speed up the flow between the collection of dividends and the servicing of the trust's obligations, by avoiding prior endorsement of each payment. For public finances, it confirms that the dividends from that shareholding are channeled to the trust to cover commitments linked to the transaction, instead of being generally available in the Treasury.

The resolution does not disclose the amount of the financing, the rates or the payment schedule. Nexo Capital will follow the quarterly accountability reports and any information published on the financial structure of the purchase.

Research assisted by Sentinel, with editorial verification of official sources. Discover Legislat.ai