Politics Economy Local 2026-04-08T06:33:25+00:00

POTSA's Leadership and Contract Changes After Explosion

POTSA blamed its sublessee for the explosion. Panamanian authorities are investigating a potential contract breach. The company has undergone several name and leadership changes over the years.


POTSA's Leadership and Contract Changes After Explosion

Panama Oil Terminals (POTSA), the company involved in the explosion that led to the closure of the Bridge of the Americas, pointed to a 'client' to whom it had supposedly subleased an area within its concession as responsible for the incident. This is Environmental Solutions Development, Inc., which specializes in waste management and fumigation inside or outside port facilities. The Panama Maritime Authority (AMP) has not commented on the matter, but the 2011 contract states that POTSA is obliged to inform about any agreements 'with third parties' related to the use of its facilities. According to La Prensa, the AMP began the process to terminate POTSA's contract last year after detecting the presence of third parties in the concession area without its consent. The company has seen a succession of figures in its board of directors and officers over the years. In 2011, the concession was directly awarded to the Greek consortium Aegean Oil Terminals by the government of Ricardo Martinelli (2009-2014). The company was renamed POTSA in 2013. In 2024, lawyer Edgar Iglesias Constantino became involved with the company, holding various legal roles. In 2025, Harry Sargeant IV was appointed treasurer, replacing Thomas Steigerwald.

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