The September 2009 refinancing of the Petroterminal de Panama oil pipeline and storage facility caps a remarkable revival for the 30-year-old project. First developed in the late 1970s to carry oil from the North Slope of Alaska to markets on the Gulf and East coasts of the US, the pipeline is now being reversed to carry crude from Europe, the Middle East and Africa to the western United States and Pacific. The $480 million refinancing and expansion financing for PTP is the largest private project financing ever in Central America.
The developer, and the largest private shareholder in PTP, is NIC Holdings, which owns Long Island-based oil marketer Northville Industries. Northville developed the pipeline during the period when Alaska oil had to be consumed in US markets, but the US west coast could not use all of its northern neighbour's output. The pipeline operated until 1996, when a combination of...
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