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Sacyr

Companies 13th February 2014

Sacyr and Panama make peace at last

MADRID | By Julia Pastor | It has been a long process plenty of gives and takes but Spanish company Sacyr and Panama Canal authority have agreed in principle over works’ finalisation at the inland waterway that connects the Atlantic Ocean to the Pacific. The pre-deal is a cocktail mixing proposals of one side and the other: converting the $400 million insurance into a loan to enable the firm obtain external funds, and also an equally divided contribution of $100 million on each part. Furthermore, Panamian administrator will allow GUPC to postpone the repayment of $780 million anticipated in the contract. The international arbitration on $1,600 million in overun costs will continue parallel to project’s termination.

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Interviews 24th January 2014

INTERVIEW to Antonio Tajani: In the Panama Canal crisis, “Europeans speak with a unique voice. That’s already a message.”

BRUSSELS | By Jacobo de Regoyos | The consortium responsible for the Panama Canal expansion, led by Spanish company Sacyr, and the Panama Canal Authority (PCA) agreed on negotiating a new framework until next February 1 in order to achieve a definitive solution to the economic problems of the project and ensure its conclusion. EC Industry Commissioner and Vice-President is doing everything he can to make both parties come to terms. Although everyone is avoiding the word “mediation” not to interfere with the arbitration process set by contract, Antonio Tajani does want to mediate. However, at the time of this interview with The Corner he has not met with any person in charge of the Latin American country yet. The enthusiasm he showed offering his help has not been corresponded across the Atlantic so far.

Companies 21st January 2014

In-depth: Panama Canal and Sacyr discuss new financing proposal

 

MADRID| By Julia Pastor| Far from resolving the strife over additional costs to finalise Panama Canal’s third set of locks, actors involved are apparently working on different positions.  Spanish company Sacyr, which leads the consortium undertaking the expansion bet on an agreement since the beginning, but the Panama Canal Authority has not smoothed the path, even rejecting EU’ mediation. Last Sacyr’s offer considers to cofinance the project. PCA’s  answer has been a different proposal for using the infrastructure’s insurance as a guarantee to get external financing and terminate the works. The deal remains blocked then.

No Picture

World economy 7th January 2014

Panama Canal and Sacyr-led consortium, closer to a deal

The Corner Team | The Panama Canal Authority and the  building consortium Grupo Unidos por el Canal (GUPC), led by Spanish construction company Sacyr, have both agreed to put up at at least $100 million each to keep the canal work running. The big question remains who should pay for $1.6 billion in cost overruns. GUPC has asked the canal administrator for a $400 million advance. Some Spanish analysts believe they’ll reach an intermediate agreement, in which the Panamanian Government covers half of the costs (circa $800 million), although the consortium would have to sacrifice some profit margin. The Spanish government insists they will not give money “in any case”.

No Picture

Companies 12th November 2013

Globalvia and Sacyr Win €35m Dublin Motorway Contract

DUBLIN | The Corner Team | Globalvia, the infrastructure investor and operator owned by the global infrastructure group FCC and Bankia (formerly Caja Madrid), has been awarded a €35m contract for the operation, maintenance and renewal of 161km of motorway segments in the Greater Dublin area in Ireland alongside Sacyr.