Canal Expansion Worth $3.7 Billion
According to the Italian Impreglio construction company, the contract for the Panama Canal expansion could be worth $3.7 billion.
Tuesday, April 21, 2009
Impregilo belongs to one of three consortiums pre-selected to expand the Panama Canal. Its other partners are the Spanish Company Sacyr Vallehermoso SA, the Portuguese Company Somague, the Belgian Company Jan de Nul and the Panamanian Company Cusa. The Italians have a 37% participation.
The Canal Authority and the consortium have agreed to resume the works, but delivery times and other key aspects still need to be defined.
Consortium "Grupo Unidos por el Canal" will begin building the locks at the Atlantic side of the Panama Canal on January.
Such is the amount proposed by the lowest-priced bid, by consortium Fomento de Construcciones y Contrata (FCC), Mexico's ICA and MECO.
Before August 19, the Panama Canal Authority will order for starting construction of the third set of locks of the Panama Canal.
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