GUPC Pushes for Panama Canal Agreement

GUPC, the consortium of leading international construction firms, has signaled hope for an agreement with ACP to resolve the funding issues affecting for the Third Set of Locks Panama Canal expansion project.

While cautioning that there are still issues to be resolved, GUPC confirmed that talks with ACP are ongoing and expected to continue. GUPC confirmed that it had delivered a proposal recently that reflected ongoing efforts to adapt to ACP concerns expressed throughout the negotiations, while also seeking reasonable financial equilibrium as required.

GUPC already has invested $300 million of its own shareholder funds beyond its obligations and has offered to fund and finance more, balanced with collaboration from ACP in a co-financing arrangement. The funding will facilitate completion of the works pending the outcome of arbitrations to allocate final responsibility for additional costs.

In addition, GUPC confirmed that coordination continues to advance regarding the participation of insurer Zurich, as well as ACP. GUPC also remains open to involving a facilitator or mediator, depending on the outcome of ongoing talks. GUPC has taken a series of positive steps over the past month to encourage an agreement and provide for payments to subcontractors and workers and the continuation and completion of the works.

Press Release, February 19, 2014

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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