Panama Canal Expansion Underway

Global Business

A two-month dispute over cost overruns has caused setbacks on the construction of the Panama Canal, and caused a headache for the energy industry which is banking on its expansion. Now that construction is underway again, ports, shippers, and producers of liquefied natural gas are breathing a sigh of relief.

The Panama Canal, a 100-year-old waterway which links Asia to the U.S., has been under construction to widen and deepen its canals since 2007. Construction, including all the dredging work and a new lock system, comes with a price tag of more than five billion dollars. CCTV’s Ginger Vaughn reports from Houston, Texas.

Panama Canal Expansion Underway

Panama Canal Expansion Underway

The energy industry held its collective breath for months when construction to expand the Panama Canal halted due to payment disputes. But thanks to a breakthrough deal-- they're able to breathe a sigh of relief. CCTV's Ginger Vaughn reports from Houston.