GUPC, ACP Achieve Agreement on Panama Canal Expansion

Grupo Unidos por el Canal (GUPC), the consortium of leading international construction companies, and the Panama Canal Authority (ACP) signed an agreement to facilitate the funding and continued construction of the Third Set of Locks for the Panama Canal Expansion.

The agreement supports a cofinancing concept that the Consortium has been pursuing to ensure the cash flow to the project completion in the face of circumstances encountered during the project.

The principal terms of the agreement generally follows the conceptual agreement reached two weeks ago, following exceptional efforts by the Consortium to continue work on the project despite difficult conditions.

The agreement, within the terms of the contract and applicable law, includes:

– GUPC and ACP are contributing $100 million each;

– There is an extension of the financial moratorium related to certain payments to facilitate investment on the project;

– The remaining locks gates that are in Italy will arrive to Panama in phases, through transportation on staggered shipments;

– The MOU also provides for a completion at the end of 2015.

Press Release, March 17, 2014

Share this article

Follow Dredging Today

One thought on “GUPC, ACP Achieve Agreement on Panama Canal Expansion”

Comments are closed.

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Island Development MENA Conference

Would you like to be a part of developments like Marsa Al Arab, Hail & Ghasha, Dream and Yas islands in the UAE or Red Sea project in Saudi Arabia?

read more >

Congress “Hydraulic Engineering Structures of Water Transport”

This event will take place in early February, before the opening of the 2018 season when dredging and hydraulic engineering works start…

read more >

3rd European Dredging Summit

The latest in ACI’s global series of dredging summits, the 3rd European Dredging Summit  will once again bring together leading experts…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you’ll reach countless professionals in the sector. For more information, click below....

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply