Canal Locks Construction at 10%Thursday, February 10, 2011 The construction of the new set of locks is 10% completed. The announcement was made by Antonio Zaffaroni, director of United Group Channel Consortium, the project developer. August 25th: Key Date for the CanalWednesday, August 19, 2009 The Panama Canal Authority ordered consortium "Grupo Unidos por el Canal" the start of construction works. In the issued order, "GUPC is told that works must begin on August 25th, 2009. From that date on, the consortium has 1.883 days to deliver the project". Canal Locks Contract AwardedThursday, July 16, 2009 The PCA announced yesterday that Consortium Grupo Unidos por el Canal will design and build the waterway's new set of locks. The award is done after verifying the financial capability of the consortium and that its members have not broken any of the rules imposed by the Panama Canal Authority (PCA). Proposals for Panama Canal Expansion SubmittedTuesday, March 3, 2009 The C.A.N.A.L, Bechtel Taipei Mitsubishi and Grupo Unidos por el Canal consortiums delivered their proposals to build a third set of locks. AFP published: "The construction of new locks that will allow the crossing of larger vessels is the largest contract in the expansion project and will require a total investment of $5.25 billion. After evaluating the proposals for about four months, the ACP will award the project to the winning consortium and work must be completed by 2014 when the canal will have been in service for 100 years." Offers for Set of Locks will be Revealed July 8thFriday, July 3, 2009 The Canal Authority will open the envelopes containing the economic proposals from the three qualified consortiums on July 8th. All at the same time, the technical evaluations from the participating consortiums will be revealed. The consortiums are: CANAL, Bechtel Taipei and Mitsubishi, and Grupo Unidos por el Canal. Canal Works to Start in SeptemberThursday, August 13, 2009 Before August 19, the Panama Canal Authority will order for starting construction of the third set of locks of the Panama Canal. 7 days after the Canal Authority gives the order, the consortium "Grupo Unidos por el Canal" (GUPC), will have 1.883 days to complete the project. Canal Expansion Will Employ 7.500 WorkersFriday, August 7, 2009 The construction of the third set of locks at the Panama Canal will require over 7.500 workers in five years. "The figures are provided by Grupo Unidos por el Canal, winner of the design and construction contracts for the third set of locks", said Alberto Alemán Zubieta, head of the Panama Canal Administration. Canal Expansion: "Window of Understanding"Monday, February 3, 2014 The parties in conflict have agreed to continue the dialogue to discuss a proposal whose basis is an extension for repayment of cash advances made by the ACP to the construction group. An article in Prensa.com reported that "Yesterday, Grupo Unidos por el Canal (GUPC) and the Panama Canal Authority (ACP) agreed to extend until Tuesday, the negotiation process to find a solution to the problems of insolvency of the consortium and completing the construction of the third set of locks. " Panama Canal Expansion: 70% of Contracts Already AwardedWednesday, October 28, 2009 Up to September, the Panama Canal Authority had awarded contracts for $3.674 million, 70% of the total cost of the project. One of the most important contracts remaining is the one involving dry excavation for ship navigation on the Pacific side. Canal Expansion: The Cost of the DelayMonday, January 27, 2014 If the canal is not ready by 2015, the additional revenue that the Panamanian government expected to receive will be pushed forward for at least a year. The first $1.5 billion estimated as additional income from the Canal expansion could be delayed by one year if the project does not meet the original deadlines. Canal Expansion: Date of Stoppage ConfirmedFriday, January 17, 2014 The construction consortium has reaffirmed its ultimatum to stop the works if there is no agreement with the Panama Canal Authority. An article in Prensa.com reports that "Grupo Unidos por el Canal (GUPC), the company under contract for building the third set of locks, is upholding its ultimatum given to the Canal Administration to suspend the most important works on the expansion project, from next Monday. " Canal Expansion: Overruns RecognizedTuesday, January 6, 2015 The Dispute Resolution Board has ruled that the ACP should recognize $233 million in cost overruns to the contractor giving Grupo Unidos por el Canal an extension of 176 days for the delivery of the works. From a statement issued by the Panama Canal Authority: Canal Excavation To Be Ready One Year Ahead of ScheduleMonday, June 7, 2010 The consortia leaded by Sacyr Vallehermoso will conclude excavations works at the Panama Canal Expansion in early 2012, one year ahead of schedule. Despite the considerable time gained in the excavation phase, the entire project will only be ready a couple of weeks earlier. According to the contract, the contractor’s deadline is October 21st, 2014. Agreement to Complete Canal Expansion FormalizedMonday, August 4, 2014 The Canal Authority and the consortium Grupo Unidos por el Canal have reached agreements to complete work on the third set of locks. From a press release issued by the Panama Canal Authority (ACP): Canal Expansion: Call to Extend DeadlineThursday, August 28, 2014 Grupo Unidos por el Canal has obtained financing to complete the construction of the third set of locks and requested an extension of 18 days, meaning that the work should be ready in January 2016 and not in December 2015. The Panama Canal Authority announced that with the bond obtained by Grupo Unidos por el Canal, the construction consortium will be able to complete the construction of the third set of locks, but added that GUPC has filed a new claim, this time for $24 million as a result the effects of a workers' strike which occurred in April and May this year. |
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