Panama Canal New Locks Project: Positions Remain Apart

The Panama Canal Authority (ACP) reported that despite efforts to agree with Grupo Unidos por el Canal, S.A. (GUPC) to resume work on the new locks project, positions between the parties remain apart.

The ACP considered this week critical to make a decision in order for the construction to restart as soon as possible. This was informed to the contractor’s representatives.

Yesterday, the ACP and the CEO of the companies comprising GUPC (Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul Group and Constructora Urbana, S.A. (CUSA) (Panama)) held a telephone conference call where they reviewed main points such as delivery times for the gates and how the remainder of the project is to be completed. Since not all the points were evaluated, the parties agreed to resume talks today.

Although last week the parties seem to have come to an agreement on certain components during the talks, there were serious disagreements at the time of putting it in writing.

The ACP insisted that work on the new locks resumes immediately through its proposal that each party contribute $100 million, while a definite agreement is reached.

[mappress]

Press Release, February 19, 2014