No champagne yet for Canal expansion deal

SOME OF the euphoria over the near clinching of a deal between the Panama Canal Authority (ACP ) Grupo Unidos por el Canal ( GUPC ) to resume work on the third set of locks, has worn off. Construction has been paralyzed since February 5 by the insolvency the consortium.

 The ACP reported, Tuesday, February 18, that “the negotiating positions remain distant" and reaffirmed that it "considers this week as critical to make a decision based on whether the project is to restart as soon as possible."

The administrator of the ACP, Jorge Luis Quijano, passedthat message t to the heads of GUPC , composed of Sacyr, Salini Impregilo , Jan de Nul and Cusa, with whom he held a conference call.
As there was no concrete agreement on all the issues under discussion, the parties will resume talks Wednesday. So the champagne will have to stay on ice.
Last week the ACP announced that it had reached an agreement in principle with the consortium. However, it lacked the approval of the project surety, Zurich American and a document of verbal agreements is being prepared.