Panama Canal expansion work resumes

FEBRUARY 20, 2014 — Panama's TVN-2 news channel today pictured workers returning to work on the Panama Canal expansion project after a dispute between the Panama Canal Authority (ACP) and contractor Grupo Unidos por el Canal, S.A. (GUPC) had brought construction of the third set of locks to a halt for 15 days.

The Panama Canal Authority’ said that GUP had agreed to restart work during telephone conversations between the ACP and the CEOs of the companies in the consortium, though there were still some issues on which an agreement had not been reached.

ACP said that as soon as works were resumed, it would pay GUPC $36.8 million to meet December invoices.

Additionally, the parties agree to discuss in the ensuing 72 hours other points such as the dates for the delivery of the lock gates, an implementation schedule for the remainder of the works, a timetable of repayment moratorium and other key aspects for the project’s development.

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