VIDEO: Panama Canal Expansion Work To Resume After Deal With Consortium

Work on the multibillion-dollar Panama Canal expansion was set to restart on Thursday after a partial agreement between the canal authorities and a Spanish-led consortium, raising hopes for the program after a two-week hiatus due to a row over costs. An agreement announced late on Wednesday allows work to restart while the two sides continue talks on how the project is financed through to completion, a process which they have given themselves 72 hours to complete. The dispute between the GUPC consortium led by Spanish builder Sacyr and the Panama Canal Authority had threatened delays that could cost Panama millions of dollars in lost shipping tolls, as well as being a setback for companies worldwide that want to move larger ships through the waterway that links the U.S. Gulf Coast to Asian markets.

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VIDEO: Panama Canal Expansion Work To Resume After Deal With Consortium

VIDEO: Panama Canal, Consortium Make New Proposals To Rescue Expansion

The companies working to widen the Panama Canal and the waterway’s administrator each made new proposals Friday, aimed at reviving the multibillion dollar project, after talks broke down this week amid a cost spat and work ground to a halt. Grupo Unidos Por El Canal said it was pushing for a settlement with the Panama Canal Authority to resume the work, which would double the capacity of the century-old waterway. The widened canal would allow bigger ships to ferry cargo such as grains, chemical products and vehicles between the Atlantic and the Pacific oceans. The consortium said its proposal took into account the concerns of the canal authority “while providing the funding necessary to finish the third set of locks.”

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VIDEO: Panama Canal, Consortium Make New Proposals To Rescue Expansion