Thursday, Apr 17th

Last update:06:24:14 AM GMT

Headlines:
Banner
You are here: Business Canal Expansion Canal expansion completion date extended 9 months

Canal expansion completion date extended 9 months

E-mail Print PDF
Share

ALL CHANCES of a linking of the Panama Canal expansion to the 100th anniversary celebration of the opening of the Canal seem to have evaporated with the news that the completion date has been extended until June 2015.

The information comes in the latest quarterly report released by the Panama Canal Authority (ACP). The original contract completion date was October 21, 2014,

This means that the project of the third set of locks will be completed nine months later than the date agreed in the contract between Grupo Unidos por el Canal (GUPC) and the ACP, at a cost of $3.2 billion.
The construction of the locks was delayed because concrete mixtures originally presented by GUPC "did not meet required specifications"
The consortium submitted a claim for $588 million in additional costs in the works, caused by the delay in the rejection of the concrete mix.
This action was denied by the ACP which sent the dispute to a settlement body agreed by the parties to resolve their differences.