españolSpanish Companies Interested in Panamanian MetroTuesday, January 19, 2010 Spain's two largest construction companies, FCC and Sacyr Vallehermoso, will bid for the $1 billion contract. Two other Spanish companies, ACS and OHL, are also analyzing whether to participate. Canal Expansion: Spain's Sacyr Cash Flow ProblemsTuesday, February 11, 2014 The former president of Sacyr reportedly stated that the Spanish construction company mismanaged the claims for cost overruns stemming from the problems with the concrete used for the work. According to an article in Laestrella.com.pa, Luis Del Rivero, ex president of the Spanish company Sacyr, said "You cannot go for two and a half years without having resolved an issue, if an advance has been given, and you live with the terms of the advance, you can not then put a gun to someones head to demand more money. " Sacyr Wants to Invest More in PanamaWednesday, May 19, 2010 Constructor Sacyr Vallehermoso, member of the consortium which is building the third set of locks of the Panama Canal, has set its eyes on other infrastructure projects. The company inaugurated its head office in the country, located at the ninth floor of Century Tower on Alfaro Avenue. Construction Company ‘Mortgages Off’ Canal Expansion ContractTuesday, October 11, 2011 In order to refinance its debts the Spanish company Sacyr Vallehermoso will have to mortgage its assets including the subsidiary company headed by Groupo Unidos Por el Canal (United Group for the Canal), which is building the new locks. The company, according to some experts, sought new revenue linked to Pemex to take over the presidency of Repsol. Canal Expansion: Agreement to Continue Comes Into ForceFriday, March 21, 2014 Wiith the signature this week from the insurer Zurich and Constructora Urbana S.A. (CUSA), a member of GUPC, the agreement announced on February 27 becomes official. From a statement by the Panama Canal Authority (ACP): Canal Construction Company Records Overruns as RevenueWednesday, January 8, 2014 The Spanish company Sacyr had already counted as actual income amounts the cost overruns that the Panama Canal Authority has refused to pay. An article in Elpais.com reports that "Sacyr has counted its chickens before they've hatched. The consortium led by Spanish construction group has been recording in their accounts the additional costs incurred in the execution of the works to expand the Panama Canal as income, even though such items are not recognized by the Authority of the Panama Canal (ACP). Sacyr has confirmed the use of this accounting method, validated by the auditor, in response to a request from the National Securities Market Commission (CNMV) regarding their accounts. Although the construction group submitted its response to the supervisor last week, it conveyed an image of normalcy that gave no indication that they were about to suspend the most important work that is currently being executed." Minera Panama to Invest $45 million in PortTuesday, October 9, 2012 In the Caribbean coast, in the area granted in concession by Panamanian government, the mining company has instructed the Spanish builder Sacyr Vallehermoso to construct a deepwater port. An article in Laprensa.com reports that "Minera Panama has commissioned the construction of a deepwater port on the Caribbean coast of Panama by the company Sacyr Vallehermoso, the first contract obtained by the Spanish construction in this country since construction of the Canal Expansion. " Canal Expansion: When The Cheap Option Turns Out to Be ExpensiveFriday, January 10, 2014 Having glossed over the Bechtel report on technical deficiencies in the very cheap proposal made by Grupo Unidos por el Canal for the Canal expansion, the project could now turn out to be very expensive for the ACP. At the time of the award of the construction works on the Panama Canal expansion to the consortium Grupo Unidos por el Canal (GUPC), the efforts made by the U.S. government to reverse this decision in favor of the construction consortium led by american Bechtel and the Japanese companies Taisei and Mitsubishi (BTM) were well known. Panama Inaugurates Canal Expansion WorksThursday, July 1, 2010 Silvio Berlusconi and Ricardo Martinelli inagurated the start of the excavation works at the Atlantic area of the Panama Canal Expansion project. Italy’s Prime Minister Silvio Berlusconi stated he was honored to be present at this event. Italian Corporation Impregilo is one of the companies responsible for the excavation phase, as port of a consortium that also includes Spanish company Sacyr. Tocumen Delays Bid OpeningMonday, July 23, 2012 The date of the tender for the design and construction of the southern terminal at Tocumen International Airport has been postponed until August 13, 2012. The administration of the airport terminal, at the request of the companies involved in the project, has agreed to postpone the ceremony for the opening of bids scheduled for August 3. Canal Expansion: Agreement to Finish Work ConfirmedFriday, February 28, 2014 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. 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. Panama Metro Project Raises InterestWednesday, July 22, 2009 "Grupo Unidos por el Canal", the consortium in charge of building the third set of locks at the Panama Canal, would tender for the metro. 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. Canal Expansion: Deal Signed For Completion of WorksFriday, March 14, 2014 The Canal Authority and contractors from the Sacyr consortium, Impregilo and Jan de Nul signed the agreement reached to resume the works. The Board of Directors of the Panama Canal Authority have authorized the signing of a contract with the consortium Grupo Unidos por el Canal, as agreed between the parties on 27 February. Canal Expansion: Construction Company Confirms StoppageFriday, February 7, 2014 Grupo Unidos por el Canal has announced the suspension of works, with suppliers and workers appearing as the first victims. There are about three hundred subcontractors and suppliers to the construction consortium GUPC and about 3000 workers, the first to be directly affected by the stoppage of work on the expansion of the Canal, as the company declares insolvency after being unable to pay debts and wages. |
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