Wednesday, March 26, 2014

Colombia: Spain's Sacyr's Construction Expanding Dramatically, $1.5 Billion to Date

According to The Latin American Tribune, Spain's Sacyr expects to invest around $1.5 billion in road projects in Colombia, the CEO of the Spanish construction company, Manuel Manrique, said.

“We see Colombia as a totally attractive country for foreign investment and strongly believe that our participation in the different infrastructure sectors will bring innovation, development and the best practices to the market,” the Sacyr CEO said.

Sacyr is working on several projects in Colombia, such as the $40.2 million cable-stayed bridge in Malaga, a city in the eastern province of Santander.

The Spanish company is also building the $117 million highway linking Buenaventura and Loboguerrero in the southwestern province of Valle del Cauca.

COMMENT: The 4G highway contracts program covers 47 projects worth $25 billion over eight years, a project the Colombian government expects will help the country end an infrastructure backlog going back years.

Sacyr is among the companies prequalified by the government for several projects, including construction of the Magdalena River Highway 1, which will link western industrial centers with the Magdalena River, Colombia’s principal waterway.


According to Reuters, Sacyr is also leading a consortium that is expanding the third set of locks for the Panama Canal Authority (PCA). Reportedly, Sacyr chairman Manuel Manrique is making progress in negotiations with the waterway's operator over financing to avoid a damaging work stoppage on the massive project. 

The Sacyr consortium includes Italian builder Salini Impregilo, Belgium’s Jan de Nul, Panamá's  would process its claim for $1.6 billion in cost overruns via arbitration.

Spain’s Sacyr Vallehermoso, Italy’s Impregilo, Belgium’s Jan de Nul and Panamá's Constructora Urbana and insurer Zurich.
 

Sacyr's website is http://www.sacyr.com.