Panama Canal Expansion: GUPC Delivers New Proposal

February 10, 2014

GUPC has announced that they will continue its efforts to find a solution and reach an agreement with ACP, and has delivered a new proposal that takes into account the concerns of ACP while providing funding necessary to finish the Third Set of Locks project.

Pending an agreement, works on the Third Set of Locks Project for the Panama Canal extension have been suspended expressly due to the refusal of ACP to extend a Negotiation Protocol aimed at reaching a solution to permit the continuation and completion of the works.

GUPC issued an initial notice of suspension on December 30, 2013 and chose voluntarily to defer the suspension of the works as a sign of good faith in an effort to facilitate negotiations.

They proposed and agreed to a Negotiation Protocol with ACP to protect the project from suspension and from ACP’s threats of termination ans proposed to extend the Protocol in a continued effort to reach a solution. ACP refused, and the Protocol expired.

Moreover, ACP has failed to pay a pending $50 million invoice despite all impediments being removed, or otherwise assist in funding the costs of the project needed to pay subcontractors and workers.

[mappress]

Press Release, February 10, 2014