The project, which includes erecting the northern terminal, was awarded to Colombian consortium Aerotocumen, which comprises builders Conconcreto and Odinsa Group.
Tocumen's manager, Rafael Flores, explained why the start of project had been delayed: "There were deficiencies in the blue prints, which could increase the cost of the project. Construction could not be started without complying with legal and contractual obligations".
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With an investment of $100 million, the construction company will deliver the work between 15th and 20th January.
Juan Carlos Pino, manager of Tocumen SA, told media that the new areas will be used immediately.
"Pino explained that operations will be carried out in only two of the 12 new boarding gates and part of the operational area, where is baggage moved and aircraft re-fuelled and re-stocked with food supplies.
Once environmental studies are presented to the Tocumen Board of Directors, construction will start.
Rafael Flores, general manager of Tocumen, reported that Colombian consortium Aerotocumen would receive the order for starting the project by the end of August.
"The consortium will have 15 months to deliver the project, which includes the construction of a new dock with 12 access bridges, redesign of the main facade of the current terminal, an administrative building and a presidential hall, among other projects", reported Prensa.com.
Once the North Terminal starts operations, the new Central and South Terminals will be built, containing hotels and hospitals for about $350 million.
The construction of new Central and South terminals aims to provide more space for passenger boarding.
"The new $350 million project involves commercial, hospital and tourism infrastructure, expected to be completed by 2014", reported Panamaamerica.com.
The proposal by the Colombian company Aerotocumen was almost $11 million lower than the second best offer.
The contract includes the construction of the Muelle North (North Dock) terminal, the remodeling of the current terminal and the construction of a new administrative building for Tocumen, S.A.