Panama City: Grupo Unidos por el Canal, the consortium tasked with the planned expansion of the locks at the Panama Canal officially began work on the project yesterday. A ceremony to celebrate the launch of the $5.25bn expansion was attended by a number of dignitaries including Panama President Ricardo Martinelli, Italian Prime Minister Silvio Berlusconi and Spanish Deputy Premier Manuel Chaves.
The multinational consortium, which is composed of Sacyr Vallehermoso of Spain, Impregilo of Italy, Jan De Nul of Luxembourg, and Constructora Urbana of Panama, will construct a third set of locks allowing vessels of 12,600teu to transit the canal. The project is scheduled for completion in 2014. [02/07/10]
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