There was no immediate word from Sacyr on Impregilo’s move. Over the next two years, the authority is projected to add US$2.1 billion more in annual revenue. On Tuesday, there were signs the two sides were narrowing their differences. According to the ACP, the canal expansion's impact on employment was first to be observed in jobs directly generated by its construction. Panamanian voters overwhelmingly backed the expansion in a 2006 referendum. Photo credit: Shutterstock A mostly European building consortium called GUPC issued an ultimatum saying it would suspend work on the project unless Panama's government ponied up an extra $1.6 billion to help cover cost overruns. The canal is being widened to accommodate larger ships, but the builders and the canal operators are locked in a dispute about who will pay the higher-than-expected costs to finish the project. A view of the Panama Canal last Thursday. Bechtel, a U.S. engineering company which lost out to Sacyr when the project was awarded in 2009, had been tipped by some analysts as a likely beneficiary of the dispute. Grupo Unidos por el Canal (Gupc) , … The expansion added a new third lane, which doubled the canal's capacity. The new, wider canal will alter global trade routes and dramatically increase revenue for Panama's government, primarily from toll charges. Last week, the consortium, which also includes Belgium’s Jan De Nul and Panama’s Constructora Urbana, said it had faced the added costs due to unforeseen setbacks in the $3.2 billion section of the project to build the new locks. Impregilo said it had put forward two alternative solutions that involved the authority paying $1 billion to the consortium known as Grupo Unidos por el Canal (GUPC) to complete the work. Workers at the construction site of the Panama Canal expansion project on the outskirts of Colon City, Panama, on Tuesday. However, officials state that the most important impacts on employment will be medium and long term, and will come from the economic growth broug… CEO Ben Hackett says that usually when companies bid for massive, expensive projects of this nature, they tend to be optimistic. Jorge Quijano, the head of the Panama Canal Authority, says the GUPC has made many claims since the start of the project and that the authority has already paid close to $180 million above the contract price for things like the rising cost of fuel, steel, cement and employee payrolls. The overall project is 72 percent complete. PANAMA CANAL AND EXPANSION 3 fallen project in 1902. The Panama Canal expansion was designed to accommodate the growing number of container and bulk ships that are too large for the original infrastructure. Panama nearly suffered a complete financial meltdown a few years ago (ironically right after the completion of the expansion of the canal that promised to bring so much prosperity). Earlier this week, Ana Pastor, Spain's public works minister, traveled to Panama to meet with President Ricardo Martinelli about the dispute. Since the expansion's debut in 2016, volume through the canal has been brisk. We’ll have another contractor that works directly for us to administer the rest of the contractors and people,” he said of the contingency plan. The consortium had threatened to suspend work on the massive infrastructure project by January 20 unless the PCA paid for $1.6 billion in cost overruns. In fact, the Panama Canal now accounts for around 12 percent of the country’s economy. The group said flawed geological studies carried out by the authority were responsible for the cost overruns. The Panama Canal Authority, which operates the waterway, says the builders should have taken that into account. The $1 billion payment “is impossible. Cato Stonex, with THS Partners, which has a 5 percent stake in the project, says the dispute must be resolved. Julio Yao, of the Panama daily Estrella Panama, concluded that Washington fully supported the expansion project, noting that President Bush stated that the canal is vital to U.S. security interests.

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