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    Panama Canal Expansion Work To Resume After Deal With Consortium

    Wochit Headline News

    by Wochit Headline News

    Work on the multibillion-dollar Panama Canal expansion was set to restart on Thursday after a partial agreement between the canal authorities and a Spanish-led consortium, raising hopes for the program after a two-week hiatus due to a row over costs. An agreement announced late on Wednesday allows work to restart while the two sides continue talks on how the project is financed through to completion, a process which they have given themselves 72 hours to complete. The dispute between the GUPC consortium led by Spanish builder Sacyr and the Panama Canal Authority had threatened delays that could cost Panama millions of dollars in lost shipping tolls, as well as being a setback for companies worldwide that want to move larger ships through the waterway that links the U.S. Gulf Coast to Asian markets.