Pacific Rubiales oil settles in Panama

Pacific Rubiales, the company that explores for and produces oil and gas in Colombia, and is selling most of Colombia’s oil, linked to this country since the Panamanian Government introduced incentives to attract foreign investment to the sector, has announced it will move its Board of Directors to Panama.

Pacific Rubiales said its office in Colombia will continue to implement the same operations.

“The company has not moved offices. Pacific Rubiales has opened a corporate center in Panama that will allow it to manage its expanding to countries such as Peru, Brazil, Mexico, Guatemala and Suriname,” the company told Reuters news agency.

“The source added that the firm might choose later to move all its oil trading operations to Panama,” Reuters reported.

The firm will move its Board from Colombia to Panama to reduce the tax burden and gain more market leverage.

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