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Technip, Heerema win third giant Angolan oil contract

The ultra-deep Angolan offshore oil project called Kaombo generated the third huge contract in three days on Wednesday when French group Total picked two firms to carry out underwater engineering worth $3.5 billion. The latest groups to win a share of the mega investment are French engineering firm Technip in association with Dutch company Heerema Marine Contractors.

Panama Canal strikes deal with consortium to finish locks project

Panama City, Feb 28 (EFE).- The Panama Canal Authority, or ACP, said Friday that weeks of negotiations with the GUPC consortium in charge of building a third set of locks for the interoceanic waterway ended with a "conceptual agreement" to finish the project under the terms of the existing contract, which was signed in 2009. GUPC, led by Spain's Sacyr and Italy's Impregilo, said for its part that paperwork was underway for the deal and predicted it would by concluded shortly.

Spain-led group says deal struck on Panama Canal row

A Spanish-led construction consortium said Friday it had struck a deal resolving a financial row over its expansion of the Panama Canal, which handles five percent of the world's maritime trade. The multi-billion-dollar project to build extra locks on the 80-kilometre (50-mile) waterway linking the Atlantic and Pacific Oceans has been plagued by disagreements over who will pay for an estimated $1.6 billion (1.2 billion euros) in cost overruns.

Work resumes on Panama Canal, but accord remains elusive

Panama City, Feb 20 (EFE).- While workers building a third set of locks for the Panama Canal were back on the job Thursday after the European-led GUPC consortium ended a 15-day shutdown, the waterway's administrator said the parties have yet to resolve the dispute that led to the suspension. "We cannot say that that accord will happen," canal administrator Jorge Quijano told the media late Thursday.

Spanish-led consortium suspends work on Panama canal

A Spanish-led consortium said Friday it has halted work on expanding the Panama canal, which handles five percent of world sea trade, in a row about cost overruns. The multi-billion-dollar project to build extra locks on the 80-kilometre (50-mile) waterway linking the Atlantic and Pacific Oceans ground to a halt because of a dispute over who will pay for $1.6 billion (1.2 billion euros) in overruns.

New proposal made to break Panama Canal expansion deadlock

An international consortium at loggerheads with Panama over work to expand the Panama Canal has presented a proposal to end a dispute over a $1.6 billion cost overrun, the group said late Thursday. GUPC, the consortium, "is continuing its efforts to find a solution and reach an agreement with the Panama Canal Authority (ACP) and has submitted a new proposal," it said in a statement. It "addresses the concerns of the ACP while providing the funds necessary to finish the project," the consortium said without giving details.

Panama Canal crisis threatens jobs, economy

A $1.6 billion dispute over cost overruns paralyzed the Panama Canal's expansion for a second day on Thursday, with analysts warning that thousands of jobs and the economy are on the line. Talks between the Panama Canal Authority and a consortium led by Spanish builder Sacyr broke down on Wednesday as the two sides failed to bridge their differences over who should foot the bill. Canal Minister Roberto Roy confirmed to AFP that the project was still halted. Construction cranes stood still above half-finished walls in silent work sites after the negotiations collapsed.

Panama says canal work suspended, company denies

A dispute over a $1.6-billion cost overrun in the Panama Canal's expansion took a new twist Wednesday after a Spanish company leading the project denied it halted work over the spat. The Panama Canal Authority said the consortium led by Spanish builder Sacyr stopped work after negotiations broke down, but the company later announced that it made a "final offer" to prevent a shutdown.

Panama Canal expansion work suspended

An international consortium in charge of widening the Panama Canal Wednesday suspended work on the troubled project, canal administrator Jorge Quijano said. Grupos Unidos por el Canal, the Spanish-led consortium, "just a few moments ago suspended the work," said Quijano. "They put a threat on the table, and today (Wednesday) they carried it out," he added. The project to widen the canal, one of the biggest civil engineering operations in the world, is due to be completed next year but is bedevilled by a dispute over huge cost overruns.

New deadline set in Panama Canal dispute

The Panama Canal authority and a consortium working on widening the waterway have given themselves until February 1 to resolve a bitter financial dispute that threatens the project, the consortium said Thursday. The negotiations are aimed at "a long-term solution" to complete the project, which has been plagued with delays and disagreements over extra costs and slow progress.
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