Thursday July 16, 03:56 AM
Panama Canal confirms lucrative lock contract
PANAMA CITY (AFP) - Panama has confirmed a Spanish-led consortium had won a three-billion-dollar contract to design and build a new set of locks for the country's famous inter-oceanic canal.
The government-controlled Panama Canal Authority said a 3.118 proposal led by Spain's Sacyr Vallehermoso had met all the technical and cost requirements.
The consortium is to build a third set of locks on the 50 mile (80 kilometer) waterway, which handles five percent of world trade and much of the commerce between China and the east coast of the United States.
The contract is by far the biggest part of a total 5.25 billion dollar project to expand choked-waterway's capacity.
The expansion is scheduled for completion by 2014, one hundred years after the US-built canal first opened.
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