THE Panama Canal Authority (ACP) has been handed two fresh claims amounting to US$740 million for the latest round of cost overruns from the consortium responsible for building the third set of locks for larger vessels to pass through the 50-mile stretch between the Pacific and Atlantic.
An earlier dispute between the canal authority and the consortium over cost overruns temporarily halted work on the expansion last year and arguments over the project are now being heard in an arbitration court in Miami.
The consortium, Grupo Unidos por el Canal, formed by Spain's Sacyr, Italy's Salini Impregilo, Belgium's Jan de Nul as well as the Panamanian company CUSA, has now presented a bill for $2.3 billion for overruns, said Panama Canal Authority administrator Jorge Quijano, reported Reuters.
"We're not taking these claims at face value," said Mr Quijano. "We've received claims (previously) that, upon review by a third party, have ended in nothing."
Hold-ups on the project have left trading nations waiting anxiously to start moving a new generation of large containerships and liquefied gas tankers through the waterway.
The section to build the new locks was originally supposed to cost $3.2 billion.
Mr Quijano said he still expects the new locks to be delivered in January 2016 and for the expanded canal to begin operating between March and April that year.
WORLD SHIPPING
04 January 2015 - 21:51
Fresh claim for US$740 million in cost overruns from Panama Canal consortium
THE Panama Canal Authority (ACP) has been handed two fresh claims amounting to US$740 million for the latest round of cost overruns from the consortium responsible for building the third set of locks for larger vessels to pass through the 50-mile stretch between the Pacific and Atlantic.
WORLD SHIPPING
04 January 2015 - 21:51
Fresh claim for US$740 million in cost overruns from Panama Canal consortium
This news 5943 hits received.
These news may also interest you