The agreement between the Panama Canal Authority and the consortium GUPC has been framed within the conditions of the original contract and rules out paying for cost overruns which are outside of the contract.
The Third Set of Locks project will be completed within the terms of the contract, as the Panama Canal Authority has demanded since the beginning.
In a counterproposal to the $100 million offered by ACP, the consortium constructor is calling for an advance of $400 million and a long-term agreement.
The proposal by the Panama Canal Authority (ACP) to make a joint contribution of $283 million and avoid suspension of the construction of the third set of locks has not convinced the representatives of Grupo Unidos por el Canal (GUPC).
The consortium, comprising Spain's Sacyr, Italy's Impregilo, Belgium's Jan de Nul and Panama's "Constructora Urbana", would present a proposal in the next months, according to an article in Laestrella.com.pa.
According to the Italian Impreglio construction company, the contract for the Panama Canal expansion could be worth $3.7 billion.
Impregilo belongs to one of three consortiums pre-selected to expand the PanamaCanal. 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.
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