Panama Awards $268
Million Canal Digging Contract
PANAMA (Reuters) - The Panama Canal
Authority said on Thursday it awarded a $268
million excavation contract to a consortium
including Mexico's ICA, Spain's FCC and
Costa Rica's Meco.
The companies will help dig a channel
connecting Panama's new Pacific locks with
the narrowest part of the canal, the
authority said in a statement.
To make way for larger ships, Panama is
spending $5.25 billion in the first major
expansion of the canal since it was opened
in 1914.
A consortium led by Spain's Sacyr
Vallehermoso and Italy's Impregilo
were the low bidders for the main contract
in the expansion program in July.
The expansion of the canal, which currently
handles 5 percent of global trade, is due to
be completed in 2014.
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