Panama Canal Completes Major Step in Expansion Program

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Date: 12-OCT-2011

 Panama City, Panama, October 12, 2011 -In another important milestone of its Expansion Program, the Panama Canal Authority announced the completion of phase three of the dry excavation project in the construction of the Pacific Access Channel (PAC).  The Pacific Access Channel will connect the third set of locks with the Culebra Cut and Gatun Lake.

The third phase of the PAC - costing $36.6 million including design, contractors and management - consisted of excavating 8.2 million cubic meters of materials, cleaning 190 hectares of munitions and explosives of consideration (MECs) and leveling Paraíso Hill from 46 meters to 27.5 meters above sea level.

This dry excavation project was completed within budget, on time and in compliance with strict environmental, safety, hygiene and quality standards.

"As we reach another milestone, we at the Panama Canal are proud to acknowledge that this new third lane will be a game changer in world maritime commerce," said Panama Canal Authority Administrator/ CEO Alberto Alemán Zubieta. Mr. Alemán Zubieta recently visited ports in the East and Gulf Coasts to showcase the Canal´s progress on expansion and future plans.

To date, three of the four dry excavation projects, which will result in a 6.1-kilometer channel, have been completed for Postpanamax vessels to transit once the Canal Expansion is completed.

The Canal's expansion is on schedule, following the recent commencement of the permanent concrete work for the new locks. The $5.25 billion project includes the construction of a new set of locks that will double Canal capacity and allow the transit of longer and wider ships.

About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please visithttp://www.pancanal.com/. You can also follow us on Twitter:http://twitter.com/thepanamacanal.