Final cost of New Tocumen terminal will skirt $1 Billion

Air Travel

The expansion project of the Tocumen International Airport will cost the National Government $ 917 million in total; that is, $ 137 million more than its original price, confirmed yesterday the general manager of Tocumen International Airport, SA (AITSA), Óscar Ramírez, during the presentation of the management report for the period 2014-2018.

The design and construction of the project, known as Terminal 2 (T2), was awarded to Odebrecht Ingeniería y Construcción Internacional in 2012. Construction began in 2013 with an initial investment of $ 800 million.

NUMBER OF PASSENGERS IN TOCUMEN DOUBLES

During the presentation of the management report, the manager of Tocumen, Óscar Ramírez, also highlighted the growth of passengers in the so-called hub of the Americas. He noted that during recent years the number of passengers has doubled, from 8.42 million in 2011 to 16.24 million in 2018. The bulk corresponds to passengers in transfer.

The Tocumen cluster contributes 4.5% to the Panamanian economy and generates more than 22,000 jobs. Together with tourism, it contributes about 20%, he added.

But in the march have had to make four addenda to complete the work. The executive explained that the first addendum had no cost, for a subject of the considerations that were included. They were more related to time and some adjustments. ‘

While the second addendum was for the sum of $ 99.4 million, of which $ 64.6 million corresponded to the design modifications and $ 27.9 million to additional works that were incorporated.

The third addendum was for $ 13.4 million, corresponding to an increase in cost associated with pending payments related to price adjustments for materials cost.

“In this contract there is a recognition clause for cost adjustment that may occur during the execution of the work in materials and other concepts within the contract,” he said.

And the fourth addendum, according to Ramírez, was endorsed in January 2019 for $ 25.5 million. Of this sum, $ 18.3 million would be due to an increase in associated costs (recognition to the contractor for strike of Suntracs in cost and time). While the rest, $ 7.2 million, are for additional mandatory works, such as the modification of the baggage handling system, from standard three to standard five. ‘Remaining with standard five meant that in two or three years we had to migrate to standard three, which is what is being used in the world’s leading airports such as the United States and Europe,’ he said.

He added that the addendum that has just been signed by the Comptroller’s Office also includes clauses to terminate the contract with the Odebrecht company.

He pointed out that on May 31 the contractor must have completely finished the work, although some elements related to the change of the baggage system will be needed, which the company Tocumen, SA must resolve in the following months, hiring another company.

The project is 97% complete.

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