Sacyr extended the deadline to February to negotiate an agreement with the Canal

Question

Sacyr extended the deadline to February to negotiate an agreement with the Canal

Answer 1

The Panama Canal Authority and the consortium of companies building the extension of the inter-oceanic route, led by the Spanish Sacyr and Impregilo Italian, there have been, in principle, until 1 February to try to solve the conflict keeps the work slowed since late November 2013. The consortium claims USD 1,600 million (1,200 million euros) in contingency to complete the project, completed in 65% expenses, but the state company believes that extra amount is not justified.

Negotiations stalled weeks ago, took a new impetus from the arrival on the scene of Zurich Insurance, who custody 400 million bond. The company proposed to convert that money into a loan. With the proposed solution, this week came close to an agreement, but ultimately did not materialize. The positions of both seemed very far back. However, representatives of the ACP, with its highest representative Jorge Quijano front, the consortium of companies (GUPC) and the insurer met Tuesday and agreed to this extension.

The issue strikes a chord of Panama. Quijano believes that if something is attached to the Panamanian Canal, locally owned since 1999 ceased to be controlled by Americans. "This expansion is to continue making country," says Quijano in his office. " The proposed consortium is impossible for us to agree. On 30 December (companies sent a letter announcing the suspension of works) asking us 1,600 million and that the money we put forward. We will not do. This period is one of reconciliation and perhaps come something positive, " he says.

The drawbacks affecting the project as builders, are related costs caused by unforeseen found as they advanced in the construction of the third set of locks. The split between the parties would delay the work until 2018 or 2020, according to the board dispute, consisting of one member of each party and an independent auditor.

In the midst of a conflict which threatened to world maritime trade, the Canal has presented the best first quarter ever to record 87.7 million metric tons using the road authorities. Good data are due in part to increased exports of grain crop of the United States to Asia.

Meanwhile, EC Vice-President and Head of Industry, Antonio Tajani, met Thursday in Brussels representatives of the governments of Spain, Italy and Belgium, as well as delegates of the companies in the consortium, which called for a " special effort " to solve the problem.