Panama Canal ExpansionThe Panama Canal, considered by many as the architectural wonder of the recent times, is getting closer to the completion of its expansion. Major work is estimated to be ready by 2015.

Get to know a little bit about Canal Expansion project with the Gogetit Highlights that we present below:

* The project of the Panama Canal expansion project officially began on September 3, 2007. It is now about 70% complete.

* The company responsible for the implementation of this important work is the consortium Grupo Unidos por el Canal, led by Sacyr Vallermoso.

* The Canal Expansion is a project valued at 3,120 million dollars (2,245 million euros) and is currently considered the most important work of engineering world.

The urgent need to transport larger cargo ships was the main reason why was carried out the work of the Canal Expansion. This work was made possible by the Panama Canal Authority proposed the project after years of study. Was the Panamanian President Martin Torrijos who presented the plan on April 24, 2006 and Panamanian citizens approved it in a national referendum. The work officially began on September 3, 2007.

The project involves the creation of a new lane of traffic along the canal building a new set of locks. This third set of locks will expand the Canal in order to double the channel capacity and allow more traffic.

For the month of July 2013, the expansion project registered a 60.4% advance according to a statement issued by the Panama Canal Authority.

Currently, the Panama Canal has two lanes, each with its own set of locks. The expansion project involves adding a third lane through the construction of complex locks at each end of the Canal. A lock complex will be located on the Pacific side to the southwest of the existing locks at Miraflores. The other lock will be located east of the existing locks at Gatun. Each of these new locks complex will have three consecutive chambers designed to raise ships from sea level to the level of Gatun Lake and back down again.

Definitely, Canal expansion is a work that will be remembered, not only for its infrastructure and the large number of people behind its construction, but also because of the importance it will have for shipments of cargo on board ships with large dimensions.

For more news on the Panama Canal, you can enter HERE.

Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.