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Tue October 19 2021

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Panama Canal works resume

21 Feb 14 The contractor building the new locks for the Panama Canal has restarted work after reaching an agreement on some of the key issues in a long-running dispute with the client.

Panama Canal Authority (ACP) said that the joint venture contractor Grupo Unidos por el Canal (GUPC) had accepted agreed to restart work yesterday. GUPC is formed by Sacyr Vallehermoso, Impregilo, Jan de Nul Group and Constructora Urbana.

Talks had broken down earlier this month.

ACP agreed that as soon as works resumed it would pay GUPC US$36.8m (£22m) for December invoices. Additionally, the parties agree to discuss in the next 72 hours other key points such as the dates for the delivery of the gates, an implementation schedule for the remainder of the works and a timetable of repayment moratorium.

The decision was made during telephone conversations between the ACP and the CEOs of the companies in the consortium, but there are still some issues on which an agreement has not been reached.

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