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Article: PANAMA CANAL EXPANSION UNDERWAY AMID CHARGES OF CONTRACT IRREGULARITIES.
- Article from:
- NotiCen: Central American & Caribbean Affairs
- Article date:
- August 20, 2009
CopyrightCOPYRIGHT 2009 Latin American Data Base/Latin American Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Panama Canal's enormous new construction project is under contract, and Grupo Unidos por el Canal (GUPC) was the winning bidder. The international consortium won the job with a bid of US$3.12 billion. At that price, Grupo Unidos underbid two competitors and was well under the target price of US$3.48 billion established by the Autoridad del Canal de Panama (ACP). Grupo Unidos is composed of Sacyr Vallehermoso of Spain, Impregilo of Italy, Jan De Nul of Luxembourg, and Constructora Urbana (CUSA) of Panama. The winning date was July 16, but the ACP signed the contract only after receiving a US$400 million performance bond and a US$50 million payment bond on Aug. 11.
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