News
The Panama Canal Authority (ACP) and the new locks project contractor Grupo Unidos por el Canal, S.A. (GUPC) have signed a document under which the construction of the third set of Locks will be completed by December 2015.
The document also requires that the 12 lock gates now being built in Italy be in Panama by December 2014 to be transported in staggered shipments.
GUPC and ACP had been arguing over financing of $1.6 billion in cost overruns. On February 5 GUPC had stopped all works but resumed on February 21 as their negotiations had moved toward an agreement.
The documentation follows the conceptual agreement reached by them on February 27, 2014. The agreement will allow ACP to officially open the new locks by the first half of 2016 after test runs.
