AGRIBUSINESS: Panama Canal Project Stopped

Posted on: 8:34 am, February 11, 2014, by

The U.S. Grains Council reports talks between the Panama Canal Authority and a Spanish-led building consortium fell apart this week, and work on the project to expand the Canal was stopped.

The building consortium is asking for an additional $1.6 billion for cost overruns. The consortium’s bid on the project was $1 billion lower than the nearest competitor.
U.S. Grains Council Regional Director of the Americas Kurt Shultz says the Panama Canal Authority is taking a firm stance saying the builder must honor its contract.
Construction is already six to nine months behind schedule. The contractors were hired to expand the 48 mile long canal with a third set of locks to accommodate more ships.
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