Panama Canal expansion's most expensive jobs threaten to run over budget
2012 02 28
- Details
THE most critical and expensive phases of the US$5.25 billion Panama Canal expansion programme may soon run over budget and require more funding, says Jorge Quijano, executive vice president of engineering at the Panama Canal Authority (ACP).
In a lengthy interview appearing in UK-based Infinity Business Media, Mr Quijano said extra funds would be needed to completing the channel that connects the new Pacific locks to the Culebra cut to bring the locks project to completion on time.
"We started with a large contingency fund containing over $1.5 billion to account for inflation and all sorts of possible unknowns in the field. As projects were designed, bids made and awarded at or under budget the remaining contingencies have been consolidated to complement the final components of the expansion if we see that they are needed," he said.
Source Shipping Gazette - Daily Shipping News
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