Panama geological studies lead to cost overruns
Canal incurred extra US$1.6b in costs due to flawed studies
[PANAMA CITY] Flawed geological studies of the terrain of the Panama Canal by its operator has led to big cost overruns in the project to expand the waterway, the building consortium at the centre of a dispute with Panama's government over the plan said.
Last week, the consortium led by Spanish builder Sacyr said that the scheme to build a third set of locks for the canal had incurred additional costs of US$1.6 billion, and demanded Panama foot the bill or work would be suspended.
Panama rejected those arguments, but has hinted it could negotiate some kind of compromise with the consortium, which also includes Italy's Salini Impregilo, Belgium's Jan De Nul and Panama's Constructora Urbana.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
EV automakers get reprieve in US tax credit rules
Abu Dhabi hub carrier Etihad adds banks to US$1 billion IPO
Luminar to cut nearly 20% jobs as part of restructuring
Chinese share of French EV market slumps after incentives curbed
Ferrari unveils US$423,000 sports car with 1960s bloodline
Airbus called for compensation to take on money-losing Spirit operations: sources