Friday, October 24, 2014   

Panama Canal expansion back on track
(02-20 12:01)

Work to widen the Panama Canal will resume today, an official said, two weeks after the project was suspended over US$1.6 billion in cost overruns.
Canal administrator Jorge Quijano told AFP that the consortium involved, Grupo Unidos por el Canal (GUPC), will “resume tomorrow morning as we develop an interim agreement.''
Work to expand the canal was suspended earlier this month by the GUPC consortium made up of construction companies Sacyr of Spain, Italy's Salini-Impreglio, Belgium's Jan de Nul and Constructora Urbana of Panama.
The dispute is over US$1.6 billion in cost overruns in the project, the main part of which is to equip the canal with a third set of locks.
GUPC wants Panama to add that amount to the initial US$3.2 billion contract.
The century-old waterway handles 5 percent of global seaborne trade.



   
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