Panama Canal financing agreed
The Panama Canal Authority (ACP) and the consortium Grupo Unidos por el Canal (GUPC) have signed a variation to the original contract incorporating the agreement reached in March for completion of the third set of locks, the ACP has said. 78% of the canal expansion programme has been concluded, according to the ACP, while the new locks project is 73% finished.
The new variation agreement says that the construction of the third set of locks must be completed by December 2015 and that the twelve lock gates in Italy must reach Panama by December 2014, to be transported to the construction site in staggered shipments (see also ITJ Daily of 4 March 2014).
For a story on how the first set of new locks arrived in Panama, have a look at the ITJ’s Breakbulk and Heavylift Special, to be published on 15 August 2014.
This incorporation of the variation does not include any payment for cost overruns or claims. GUPC's claims must be processed following the mechanisms established in the contract.
The consortium GUPC is made up of Sacyr Vallehermoso (Spain), Impregilo (Italy), the Jan de Nul Group (Belgium) and Constructora Urbana (CUSA, Panama).