Visitors Now:
Total Visits:
Total Stories:
Profile image
By Hispanically Speaking News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Expansion of Panama Canal Continues to Face Challenges

Sunday, January 5, 2014 19:17
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Expansion of Panama Canal Continues to Face Challenges

Panama Canal Authority administrator Jorge Quijano said in an interview published in the Spanish press Sunday that those in charge of the $5.25 billion expansion of the Central American nation’s inter-oceanic waterway are “prepared to be a little aggressive” and added that the project will be completed “as soon as possible.”

“We’re not going to sit here waiting for time to pass” without reacting after the consortium undertaking the expansion announced that it will suspend work if a cost overrun of some $1.6 billion is not acknowledged, Quijano told the Spanish daily El Pais.

The GUPC consortium (Grupo Unidos por el Canal), led by Spanish construction giant Sacyr Vallehermoso and including Italian firm Impregilo, Belgium-based Jan de Nul and Panama’s CUSA, formally advised the Panama Canal Authority on Dec. 30 that it would suspend work in three weeks if the authority does not agree to pay an additional $1.6 billion to cover cost overruns.

“With a stoppage there are going to be some additional delays,” the administrator said, but he added that he was confident about being “sufficiently agile … so that, in the worst case, the project will be able to be resumed and completed.”

The consortium “had to attach additional information to the letter” announcing the work suspension to justify “each one of those charges, to evaluate them and see if they have any merit, which … they do not have,” Quijano said.

He said that the authority had been “faithful to the contract” and had “paid religiously, so that the contractor may have a cash flow and continue with the work.”

Spanish Development Minister Ana Pastor is on her way to Panama, where she is scheduled to meet on Monday with Panamanian President Ricardo Martinelli to seek a solution to the conflict.

Pastor scheduled the trip after Martinelli announced last Friday plans to travel to Spain and Italy to demand of their governments that the companies from their respective countries fulfill the terms of the original contract.

Published in Latino Daily News



Source: http://www.hispanicallyspeakingnews.com/latino-daily-news/details/expansion-of-panama-canal-continues-to-face-challenges/28612#When:00:04:51Z

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.