The Cost Of The Panama Canal Expansion Increased

The Cost Of The Panama Canal Expansion Increased

Thursday, November 28 2013 @ 07:45 PM EST
Contributed by: Staff_Journalist
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Canal ExpansionThe Panama Canal expansion increased in approximately $120 million, when its estimated cost was originally around $5.25 billion.
The administrator of the Panama Canal Authority, Jorge Luis Quijano, said the cost increase because the price of steel went up, as well as other construction materials; however, he said these increases were not contemplated within the budget.

Quijano also said this project is six months behind and will be delivered by 2015, due to issues with concrete supply.

The project, which contemplates the construction of a third set of locks and was expected to be delivered by the end of 2014, is intended to duplicate the traffic capacity of the waterway from 300 to 600 million tons of displacement per year. (TVN)

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