The Panama Canal Authority (ACP) announced on February 4 that sill reinforcements in the new locks have been completed which brings the Panama Canal Expansion one step closer to inauguration.
The filling of the Pacific-facing Cocoli Locks has already begun, and the filling of the Atlantic-facing Agua Clara Locks began on February 4. Once the locks are filled, the sills will undergo a rigorous testing process to ensure their integrity and proper function.
Less than four percent remains to complete the Panama Canal Expansion Program, which is expected to be inaugurated by the end of June, as reported by Reuters.
The government of Panama is expecting an extra $1.4 billion revenue in 2017 as a result of the canal.
The project was initially set to be finished at the end of 2014, but the date was pushed back to April of this year due to a dispute over costs. The original cost was $5.25 billion but an extra $3.2 billion has been added.
Panama should start to benefit from the expansion in 2017, when the government foresees getting an extra $1.4 billion in revenue.
