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| On October 22, 2006, complying with a constitutional mandate, the Panamanian people approved the Expansion Project of the Panama Canal through the construction of a Third Set of Locks, submitted to the Executive Branch by the Panama Canal Authority (ACP), with an estimated cost of up to US$5.2 Billions |
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and beginning operations between the year 2014and 2015. The project responds to the Master Plan 2005-2025 prepared by the ACP for the Panama Canal.
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ORGANIZACION TERPEL INV., S.A., buys CORPORACIÓN NACIONAL DE ENERGÍA S. A. |
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| FABREGA, MOLINO & MULINO advised the Panamanian company GRUPO CORPORATIVO PEREZ, S. A. (PETROLERA NACIONAL) in the sale process of one of its subsidiaries, CORPORATION NACIONAL DE ENERGÍA S.A., dedicated to the distribution of fuel and oil products in the Republic of |
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Panama, to the Colombian group ORGANIZACIÓN TERPEL., S.A. (PANAMA), which concluded in the month of February 2007.
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New Law on Commercial Licenses |
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Pursuant to Law No. 5 of January 11, 2007, a new process was created to facilitate the establishment of Companies in Panama, and the registration of commercial licenses, that were governed by Law No. 25 of August 26, 1994 and Executive Decree No. 35 of May 24, 1996, on the exercise of commerce and industrial activities in Panama.
This law pretends to facilitate the opening of new businesses through an “Operation Notice”.
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