Displaying items by tag: PACIFIC OCEAN

  The brand new Panama Canal is almost ready (it has been reached almost 90% of the works).

The construction of the third navigational flow and of the set of locks, in addition to ensure the transit of 
Post Panamax  ships, will facilitate traffic throughout Isthmus allowing on one hand, to have a daily transit 
up to 12-14 ships , on the other hand, the increase in the value goods transported up to $ 1 billion per 
day. 

December 22nd , 2014 officially started the construction of the Nicaragua Canal. The start construction ceremony of this huge project (estimated cost over 50 billion dollars and record dimensions: 278km long and 500m wide approx.) has been welcomed by several controversies, in addition to causing protests by anti-canal demonstrators and the indigenous of the ethnic groups "ramas" and "Nahua" against the great inconvenience that the construction of the might cause to the native population and agriculture of the country.

Works for the expansion of the Panama Canal by GUPC (Grupo Unidos por el Canal ) have started again. The GUPC, a consortium, is led by the Spanish company Sacyr and in which we also find the Italian Salini-Impregilo.

The construction works had been stopped before due to the breach of negotiations on the additional costs of 1,6 billion dollars (a price equal to half of the commission value of 3,3 billion dollars), but after several negotiations and the Consortium threat of suspending works if the Panamanian authorities had failed to provide the additional funds necessary to the conclusion of the Canal, Panama Canal Authority and the consortium GUPC have reached a partial agreement.