The Panama Canal da one week Sacyr to close a deal

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The administrator of the Panama Canal Authority (ACP), Jorge Quijano, said Wednesday before the Panamanian Congress that solutions to the looming financial dispute with the consortium led by Sacyr, the Grupo Unidos por el Canal (GUPC) litigation from Feb. 5 last remains paralyzed the redevelopment of the waterway. But Quijano said that differences should be resolved within a week definitely.

"Patience has its end," he said before the hearing. " These negotiations are to be concluded by next Tuesday. If not, we will have to take another course. If for some reason [ the agreement ] goes down, it will not be for us and therefore we would have to make a hostile move, "he added.

Financial conflict began on January 1, when the consortium announced that it would suspend construction on January 20 if the state agency refused to grant finance 1,600 million (1,200 million euros) for additional unforeseen costs in the construction of the locks for expand the path. Finally, the threat was embodied on February 5. Since then, the parties launched proposals and counterproposals as fund focused on completion of the work, while the expected arbitration resolved the issue of cost overruns.

For a detailed explanation to legislators, Quijano confirmed that in recent days have saved most differences between the ACP and GUPC and Tuesday of this week spoke with the executive leadership of the consortium led by Sacyr Vallehermoso, Italy's Impregilo and -, which solved as face returning $ 748 million to the Authority anticipated the consortium.

One of the financial options, she said, is that both parties contribute $ 100 million each, a performance bond for $ 400 million loan and becomes the ACP pay GUPC a pending debit December 2013. A key piece of gear is that America ZÃ_rich, as underwriter of the project, agree to participate in the plan.

"This is resolved in one way or another," he said, insisting that the ACP is preparing to take on the work if negotiations with GUPC break, because " what lies ahead " is 1,300 or 1,400 million total of 3,118 million that was agreed with the consortium. 's construction group, however, believes that this option is not economically viable, and the Panamanian intermediate body in disputes between the parties considered that the change would mean a delay of builders between three and five years on the scheduled date (2015).

Nevertheless, Quijano stressed that the expansion that began in 2007 with a budget of 5,250 million dollars, will be ready in 2015, " with or without " GUPC under the contract signed in 2009 or with other options.

" People find some uncertainty when things are dilating. But we have to have the ability to be patient to make sure that what is contracted in the end, we put at the end, it is best for the country, " Quijano admitted before going to the plenary..

"Our team has been working 18 hours or more daily, Saturday and Sunday, with our local and international lawyers, and even direct contact with the executives of these companies, to try to achieve the best agreement between the parties to ensure that these works were realized in the shortest possible time, " he said.

 Tags: Canal, close, da, deal, Panama, Sacyr, week


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