Friday 25 June 2021

Panama Canal Consortium Accepts PCA Conceptual Accord

logo-grupo-unido-canal(TODAY PANAMA) The United Group for the Canal (GUPC), a four-company consortium responsible for the construction of the third set of locks, accepted a final conceptual agreement about financing and end the project in December 2015. Such agreement includes a chronogram for the delivery of 12 missing gates, and a co-financing involving an injection of $100 million USD by each side, and a new moratorium for repayment of $784 million USD in advance to GUPC.

The consortium, comprised of Spain’s Sacyr, Italy’s Impregilo, Belgium’s Jan de Nul and Panama’s Cusa, says the agreement is within the contract and applicable laws, and responds to the GUPC’s objective to offer a comprehensive approach to fund the project through co-financing.

But it states that meanwhile, the result of decisions is expected to assign the final responsibility of additional costs affecting the project and the GUPC estimates at $1.6 million USD for unexpected cost overruns.

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The agreement is subject to documentation process that is already underway, and will end with the signature expected soon. This has been the latest step in a series of negotiation stages that have culminated.

GUPC expects the prompt conclusion of the agreement and financing, to execute the work and complete efficiently the project of the third set of locks of the Panama Canal Zone, the consortium says in its acceptance statement.

According to the conceptual agreement, the contract price remains within the total range of $ 5.25 million USD of the expansion works in general, some $3.3 million USD of them are for the third set of locks.

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