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canadian goose jacket Consortium uk canada goose outlet resumes work on Panama Canal expansion canadian goose jacket

canada goose black friday sale PANAMA CITY/MADRID (Reuters) A Spanish led consortium canada goose uk black friday resumed expansion work on the Panama Canal on Thursday, raising hopes the two sides will finally draw a line under an acrimonious stand off over massive cost overruns. canada goose black friday sale

buy canada goose jacket Panama Canal administrator Jorge Quijano delivers a statement outside the Panama Canal administration building in Panama City February 20, 2014. REUTERS/Carlos Jasso buy canada goose jacket

canada goose coats on sale As workers returned to the construction site after a stoppage lasting more than two weeks, a source close to the consortium led canada goose uk outlet by Spanish builder Canada Goose Outlet Sacyr and Italy Salini Impregilo said it had resolved internal disagreements cheap canada goose uk over the key issue of financing. canada goose coats on sale

restarting of the works is being done in a way that will Canada Goose sale enable it to reach full pace canada goose sale in the shortest time possible, the consortium said in a statement.

Canada Goose sale Panama Canal administrator Jorge Quijano said: believe that with the discussion we had last night and the comments made, we can find a path out of this. There canada goose coats on sale are still problems to be sorted out, he said, but the agreement with the consortium should allow work Canada Goose Coats On Sale to get going. Canada Goose sale

Work had been due to restart earlier on uk canada goose Thursday.

canada goose clearance sale Sources with knowledge of the negotiations said a final deal on pending issues would be signed within three canada goose uk shop days. canada goose clearance sale

The parties have agreed to deal with the canada goose clearance sale core of the dispute, $1.6 billion in cost overruns that the consortium wants the Panama Canal to pay for, via arbitration.

canada goose The canal has said a two week work stoppage means the project will not be completed until at least December Canada Goose Parka 2015, a delay that could cost Panama millions of dollars in lost shipping tolls. Gulf Coast to Asian markets. canada goose

Zurich does not want to put money into the project but has asked banks to do so, another source familiar with the matter said. The Canada Goose online banks are asking for counter guarantees, the source said. The parties of the canadian goose jacket consortium are each liable for their own obligations, not jointly, the source said.

Canada Goose Parka Shares in Sacyr Canada Goose Jackets rose 4.3 percent on Thursday after news of the agreement to restart work. The project represents a quarter of the company international revenue. Canada Goose Parka

Salini Impregilo shares gained around 3.2 percent.

Canada Goose Outlet Idle cranes are seen at the construction site of the Panama Canal Expansion project on the outskirts of Colon City February 12, canada goose 2014. REUTERS/Carlos Jasso Canada Goose Outlet

cheap Canada Goose Zurich said it was in talks with both parties and was comfortable with its level of exposure to the project, which it said was limited due to reinsurance mechanisms and was well within its risk tolerance. cheap Canada Goose

buy canada goose jacket cheap the discussions are still canada goose coats ongoing, we are not in the position to provide any further details, it said in a statement. buy canada goose jacket cheap

Canada Goose Jackets SPAIN STEPS IN The Spanish government is likely to agree to change the status of a $200 million state cheap Canada Goose backed guarantee it gave heavily indebted Sacyr in 2009 when Panama awarded it the contract, turning it into backing for finance to finish the project, sources told Reuters on Wednesday. Canada Goose Jackets

canada goose deals The guarantee was originally drawn up by Spanish state backed insurer Cesce as a counter guarantee to the Zurich bond. The government insurance bonds must be changed if Zurich changes its insurance canada goose black friday sale into buy canada goose jacket backing for a loan. canada goose deals

canada goose coats Cesce and Spain Economy canada goose clearance Ministry declined to comment. Italian state backed export credit agency Sace, also a part of the guarantee scheme with Zurich, was not immediately reachable for comment. canada goose coats

canada goose clearance There has been disagreement within the Spanish government over whether to interfere with the private project, one source with knowledge of the matter said, but it is likely to tweak the conditions of the guarantee because the Sacyr led contract is such a high profile one for Spanish business. canada goose clearance

Spanish builders are working on big engineering projects around the world, including a train linking the Islamic holy cities of Mecca and Medina, and a metro in Riyadh, Saudi Arabia. Overseas construction has been one of the few bright spots for companies as the domestic canada goose factory sale economy splutters.

Under Wednesday deal, the Canal agreed to pay the consortium $36.8 million to cover work done in December once works resume.

The project to expand the nearly 50 mile (80 km) transoceanic cargo route was originally expected to cost about $5.25 Canada Goose Online billion, but that could increase to nearly $7 billion.

When the contract was awarded to the consortium in 2009, officials and diplomats expressed concern over its ability to complete the work, since its winning bid for the work was $1 billion lower than that of the nearest competitor.

Canada Goose online the delays last 6 12 months, it will have limited impact, as trade will carry on much as it does now, Andrew Buckland, senior LNG shipping analyst at Wood Mackenzie, said in a research note. Canada Goose online

canada goose store further delays threaten the investments buy canada goose jacket cheap of a significant number canada goose store of groups that are set to benefit from expanded capacity on the waterway canada goose store.

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