Expansion works are resumed on Panama Canal

After the paralyzation of the expansion works of the Panama Canal since 5 February, this Wednesday, the state society Panama Canal Authority (ACP) and the construction consortium of Grupo Unidos por el Canal (GUPC) reached a preliminary agreement in face of the financial crisis that exists in interoceanic work.

Construction companies agreed to resume the work on February 20, according to the Panama Canal Authority.

The Authority requires that the consortium, “accepted the call reiterated from the ACP and promised tonight (Wednesday) to restart” on Thursday, “the construction of the third set of locks”, central part of the work to expand the waterway, according to a basic report of the preliminary agreement between both parties.

“As soon as jobs are restarted,” Canal Authority shall forward to the business consortium a total of $ 36.8 million “of billed work of December.”

With a delay of six months for the impact of the suspension of the works, Panama has anticipated that the expansion of the work will be completed by December 2015.