The National Authority for Public Services (ASEP) canceled the final license granted to Panama NG Power company by the government of President Ricardo Martinelli to build a thermoelectric gas plant on Telfers Island in the province of Colón. It is the largest power generation project that was on schedule with 670 megawatts and represented an investment of over one billion dollars to begin operating in 2017. The company sent a message [...]
The Panama Canal Board approved delivering payments to the National Treasury for $1.03 billion for fiscal year 2014, exceeding the $64 million approved in the budget, as the result of effort and capacity of the more than 10,000 Panamanians who operate and manage the interoceanic waterway. “A month after 15 years of administrating the Panama Canal, an amount over $9.6 billion has been delivered directly as contributions to the Treasury by [...]
ALL IN ONE
The president of the Colon Free Zone Users’ Association (AU), Luis Germán Gómez, met with the Vice President and Chancellor, Isabel Saint Malo, to renew the AU’s interest in retaliation against Colombia for tariff restrictions. However, it was determined that Colombia would see these issues in the context of the Free Zone and that everything on the table would be seen as one integrated subject.
The Organization for [...]
The Panama Canal administrator, Jorge Luis Quijano and the Minister of Canal Affairs, Roberto Roy, handed to former US President Jimmy Carter, the “Panama Canal Award” for the centenary of the waterway. The awarding took place at the Carter Center in Atlanta. The former American President guaranteed transfer, by signing the 1977 agreement with Panama on December 31, 1999 at “a political cost to himself,” noted the ACP in a statement.
NON VIABLE CANAL
President Juan Carlos Varela said in Madrid that he could not see “economic viability” of the Nicaragua Canal, while he set the date for “early 2016” of the expansion of the Panama Canal. “Panama is well advanced in the expansion of its canal, i.e., we do not see much economic viability in a project to cost $70 billion,” said Varela, referring to the Nicaraguan project, when he spoke during a breakfast briefing [...]
The Panama Canal annually allocates $240 million in maintenance, outside the investment program, which next year is budgeted at $291 million, said the administrator, Jorge Luis Quijano. “The Canal has revenues of nearly $2,500 million, with earnings that are above $1,000 million in surplus, which is delivered to the state, and this can only be achieved if there is a major program of maintenance,” said Quijano.
Users of Line 1 of [...]
As the Panama Canal celebrates 100 years since it began operations, it has set its sights on new businesses so that in the future it will have new revenue and raise the attractiveness of the maritime route through Panama. The administrator of the waterway, Jorge Luis Quijano, said that the entity plans to grant concessions for two ports on the Pacific access channel and contract [...]