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'Panama Canal will be expanded, with or without consortium'

Contractor dispute won't stop us, says canal authority CEO

05 February, 17:50
'Panama Canal will be expanded, with or without consortium' (ANSA) - Milan, February 5 - The Panama Canal will be expanded by 2015, with or without the help of the building consortium currently working on it, Panama Canal Authority CEO Jorge Luis Quijano told Bloomberg business news Wednesday.

The authority and the consortium, which includes Italian company Salini Impregilo with a contract worth $5.25 billion, have been locked in a dispute for weeks over $1.6 billion in cost overruns.

The consortium, known as the as Grupo Unidos Por el Canal (GUPC), has threatened to stop work if the authority failed to cover the overruns.

Work did stop today but will resume, with or without the consortium, Quijano said.

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