Even thou situation with Canal construction seems have nothing to do with PTQ there are some interesting observations one can make from whole situation.
First we hope that FQM/ Mr. Pascal pays close attention to those negotiations, it might help him to understand how Panama people feel about foreign company not follow on their promises.
Secondly, if Government decides to take project away from Sacyr and finish it by themselves then there are some interesting possibilities which maybe too premature to discuss… ...
And, just for folks who don’t pay attention to Panama politics- Mrs. Martinelli is running for position of vice-president and as PTQ shareholders we should all wish her good luck.
Maybe our Panama residents can share more on this subject.
The Canal Administrator Jorge Luis Quijano, asked for patience from the Maritime Chamber of Panama during a meeting where they discussed the situation faced by the Panama Canal Authority (ACP ) with the expansion of the waterway , then, is acting within the contract.
Quijano refers to the conflict that has the authority to Grupo Unidos por el Canal ( GUPC ) , led by the Spanish Sacyr , which was publicly unveiled on 30 December, when the consortium said it would suspend the construction of the third set of locks within 21 days if not recognized a cost overrun of $ 1,600 million on the amount of the original contract term was extended until 31 January.
He added that the situation is difficult Canal , so it all depends on the negotiations that take place this week when they meet again with GUPC .
Quijano also announced that if no agreement is reached with GUPC , the ACP will continue the work.
Panamanian President Ricardo Martinelli , said today that negotiations with the Spanish company Sacyr by the Panama Canal expansion is not going to get out of the contract signed , "because in there are all the clauses for dispute settlement .
"Everything has to be negotiated in the contract. The contract is clear , specific, and has all forms of dispute resolution and claims that may be ," Martinelli told EFE after participating in the World Economic Forum at a dinner centered Latin America.
Panamanian President expressed the hope that an agreement can be reached after Sacyr and Panama have been given until 1 February to try to resolve the conflict that keeps the work slowed since late last November.
But as made clear from Davos, " everything has to be negotiated within the contract as stipulated as such , because in there are all the clauses for dispute settlement , how to do it , referees, appeal periods , etc." .
Martinelli said that " as a country and Canal Authority " will be governed by what was signed , and warned that the work was going to end but not reached an agreement with the builder.
" If , God forbid it , can not agree, the work is going to end . 's Claims or end up with ... is going to end , rain or shine ," he said in remarks to EFE.
The president also acknowledged that the conflict has affected the image of Spain : " I think it goes without saying , because Sacyr is a Spanish company , a highly respected and well-known company in Spain , and any news that may come out of a Spanish company logically affect other businesses. "
Sacyr leads the Grupo Unidos por el Canal ( GUPC ) , in 2009 the largest contract of the expansion of the waterway contract to build a third set of locks for 3.118 million dollars.
On 30 December, Sacyr, informed the Panama Canal Authority (ACP ) if not contributed 1,600 million in additional costs , which had been left without cash , suspend works .
