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. " 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. Works Begin at Third Set of LocksTuesday, January 5, 2010 Consortium "Grupo Unidos por el Canal" will begin building the locks at the Atlantic side of the Panama Canal on January. The consortium will start at the end of January in order to take advantage of the dry season. Spanish 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. 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". Seven Bids for Panamanian Public MarketFriday, July 1, 2011 Seven consortia have submitted bids for the construction and equipping of a market in Panama City, a project worth over $100 million. The company's suppliers and their proposals are: Facilities and Services SACODEPO ($118, 900,000), SA Sacyr ($126,447,000), MCM Global ($124,999,000), Assignia-Cocige ($126,495,000), SA-Cleop Elecnor SA ($109,968,000), Omega Engineering ($126,500,000) and the Consortium Arranz kinase-Riva SA ($120,240,000). Argos to Supply $65 million of Cement for Panama CanalWednesday, July 7, 2010 The Colombian company Argos Cement has signed a contract to provide cement and other products to support the canal expansion. According to information provided by Argos, the cement will be produced at the company’s Panama site, complemented as necessary by additional volume from the plant Argos has in Cartagena, Colombia. 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: 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. Canal Expansion: Builders Ran Out of Money?Thursday, January 9, 2014 The facts seem to bear out what was said in 2009 -according to WikiLeaks- by the U.S. ambassador, who described Sacyr as "a bankrupt company sustained only by the Spanish government." The dialogue regarding the cost overruns in the construction of the canal expansion project between the Panama Canal Authority (ACP) and the consortium Grupo Unidos por el Canal (GUPC)-initiated by the intervention of the Spanish Minister of Development- has been interrupted, and it is not longer the Spanish group Sacyr the spokeshead but instead it is now the other majority company in the Consortium, Italy's Impregilo, which is asking - via the media- for $1 billion from the ACP, while keeping up its threat to stop the work. 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): Sacyr Shares Keep Pace With RumorsThursday, February 13, 2014 The rise in the price of shares in Sacyr seems to indicate an interest on the part of investors because the company reached an agreement with the ACP. The rise of 4.7% in shares in Sacyr at the close of Wednesday after the announcement of preliminary agreements between the Authority and the construction company working on the Canal appear to reflect market interest in the conflict being resolved quickly and favorably. 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. Canal Expansion: Between a Rock and a Hard PlaceThursday, January 23, 2014 The construction consortium has rejected the proposed solutions one by one, as they know that being replaced would be more expensive for the ACP than to acquiesce to its demands. EDITORIAL Worldwide Concern Over Canal Expansion ConflictWednesday, January 8, 2014 The threat of paralyzing the work of the third set of locks of the Panama Canal is keeping maritime and port operators around the world on tenterhooks. The conflict between the construction consortium (GUPC) headed by the Spanish Sacyr and the Panama Canal Authority (ACP), which originated over the demand for the first payment of $1.6 billion in cost overruns and the ACP's rejection of that claim, threatens to extend the opening of the expanded waterway, through which 5% of the world's maritime cargo passes, to beyond 2015. |
|