Panama Petrochem leases land in RAK Maritime City Free Zone, UAE

Panama Petrochem announced that its wholly owned subsidiary Panol Industries RMC FZE incorporated in UAE, has executed an Musataha (Lease) Agreement with RAK Maritime City Free Zone Authority for Plot No. 25, located at RAK Maritime City Free Zone, having an area of 9500 square meters for a period of 25 years.

The lease agreement is for a sum of AED 522,500 per annum for the first year. The consideration shall be subject to increase every year by 4% of the then current Consideration.

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