World’s richest man interested in Panama Canal expansion

Mexican tycoon Carlos Slim, rated as the world’s richest man, is competing with other international consortiums for the projected expansion of the Panama Canal, according to official Panamanian sources. Cilsa Panama-Minera Maria belonging to Mr. Slim presented this week his company’s proposal to the Panama Canal Authority which proved the third lowest in cost for the first phase of the expansion project: excavating an access path leading to the new locks on the Pacific side of the strategic oceans-link.

Cilsa is registered as a Panamanian-Mexican company and bid 44.4 million US dollars compared to the 41 million from Constructora Urbana SA, Panama and 43.5 million from the Mexican-Panamanian MS International Corporation-Meco, according to reports in Mexico City’s El Universal.

Among the ten companies in dispute, from the US, European Union and Latinamerica the highest bids came from US Jay Chasman Inc., 89 million US dollars; Consorcio Cóndor Proimpetrol Panama, from Colombia and Panama, 79.9 million and Consorcio Grupica, Panamá and México, 73.1 million US dollars.

Other companies interested include, Italy’s Astaldi-Ghella Spa 61.9 million US dollars; Consorcio Epsa Masering Murcia, Brazil and Colombia with 55.2 million US dollars.

Carlos Slim’s has interests in many sectors of the Mexican economy but has been particularly successful in taking advantage of telecommunications technologies during the last decade.