Agreement reached on canal dispute

摘要

An agreement has been reached between contracting consortium Grupo Unidos por el Canal, (GUPC) and the Panama Canal Authority (ACP) which the two parties say will allow the completion of the canal expansion project. GUPC, which comprises Sacyr, Impregilo, Jan De Nul and CUSA Urban Construction, said the variation agreement outlined a plan to co-finance the scheme, which fell into financial difficulty at the start of this year. The dispute between GUPC and ACP related to additional costs of some US$ 1.6 billion on the project linked to ground conditions. The agreement follows a memorandum of understanding to resolve the dispute, signed by the two parties in arch.