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Panama canal contract goes to Spanish-led team
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PANAMA CITY - The Panama Canal Authority has awarded the largest contract in its canal expansion project to Grupos Unidos por el Canal, a consortium led by Spanish construction firm Sacyr-Vallehermoso SA.
The winning bid for the design and construction of the new lock system intended to widen the canal was $3.02 billion, well below the maximum allowable price of $3.48 billion.
The canal authority is spending $5.25 billion to widen the 50-mile (80-kilometer) canal by 2014. The canal opened in 1914 and is too narrow for today's larger freighters.
The announcement was made Wednesday. The consortium also includes Italy's Impregilo S.p.A., Belgian contractor Jan de Nul, and Panama's Constructora Urbana, S.A., among others.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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