Firmato questa notte l’accordo definitivo tra l’Autorità del Canale e il Consorzio internazionale formato da Sacyr, Salini Impregilo e Jan de Nul

Last night the definitive agreement was signed between the Panama Canal Authority and the international Consortium consisting of Sacyr, Salini Impregilo and Jan de Nul

March 14, 2014 -The consortium of large international companies consisting of Spain’s Sacyr, Italy’s Salini Impregilo and Belgium’s Jan de Nul, last night signed an agreement with the Panama Canal Authority which will enable the continuation and completion of the work of the Third set of Locks for the expansion of the Canal, one of the largest civil engineering projects in the last decade.

Zurich, also part of the agreement, is expected to sign today.

The agreement, which ratifies the terms of the negotiations initiated at the beginning of the year, establishes the co-financing of the works which the consortium has always stressed as being the best way to complete the project as quickly and as efficiently as possible.

The main terms of the agreement cover the work schedule, the funding and reimbursement plan and the delivery of the gates.

In particular:

• The Panama Canal Authority (PCA) and the consortium (Grupo Unidos por el Canale, GUPC) undertake to contribute 100 million dollars each in order to get back to the normal rhythm of work.
• The moratorium regarding refunding of the payments made in advance by the PCA may be extended until 2018, provided that some of the stages of the project are met.
• The expected Performance Bond of 400 million dollars will be released by Zurich so as to obtain additional financing to complete the work.
• The remaining 12 Locks, under construction in Italy, must be delivered to Panama by December 2014 through phased transport and deliveries.
• Claims relating to the unexpected costs will be resolved within the arbitration mechanisms as set out in the contract.

The agreement also established the December 2015 deadline for the completion of the works, which as at today has reached 70 percent.

The commitment and experience of the companies that make up the consortium will enable to carry out this work which is of great benefit to Panama and Panamanians and strategic for both trade and security throughout the world.