AGRIBUSINESS: Panama Canal Authority Says Dispute Will not Cause Delays
The design-construction consortium responsible for the bulk of the Panama Canal expansion is at odds with the Panama Canal Authority (PCA), and at the heart of the issue is who will foot the bill for cost overruns.
Late Sunday the contractor backed down from threats that it would stop its work Monday. The PCA says, even if the contractors had stopped work, it has the funds and the financing to move forward.
The Canal expansion website says the whole project was about 72% complete at the end of last year, with construction on the third set of locks 66% finished. The PCA still estimates completion by mid-2015, followed by tests and a final opening to traffic in late 2015.