Panama city: Netherlands-based Boskalis Westminster has revealed that it has won a $67m contract to extend the Balboa container port at the Pacific entrance to the Panama Canal. The contract was awarded by Hutchison Port Holding subsidiary Panama Ports Company. The work, which includes the construction of additional port area and a link to current berths 16 and 17, is slated for completion by July 2008.
The project comes on the heels of the Panama Canal Authority's decision to expand canal capacity by adding a new set of locks measuring 427 meters long by 55 meters wide and 27.7 meters tall to the canal by 2015 at a cost of $5.25bn. Authorities also announced that canal tolls will increase by an average of 10% per year through 2009. [15/05/07]
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