Add Pacific Rubiales to the growing list of multinationals setting up shop in Panama, the hub of the Americas.

The firm will move its Colombia Board to Panama in order to reduce the tax burden and to take advantage of better logistics.

The company which carries out oil and gas exploration and production activities in Colombia, selling most of Colombia’s oil, has been linked to this country since the Government introduced incentives to attract foreign investment to the sector, and has now announced that it will move its Directive Board to Panama.

“Pacific Rubiales said his office in Colombia will continue to implement the same operations.”

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

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

Source: Latin America Reuters