A consortium led by Hyundai Engineering & Construction has finally won the Panama Metro Line 3 construction project in Panama.
Panama’s General Directorate of Public Procurement has confirmed that the HPH Joint Venture Consortium of Hyundai E&C (51 percent), POSCO E&C (29 percent) and Hyundai Engineering (20 percent) will be awarded a $US2.057 billion contract for the design, construction and financing of Panama Metro Line 3.
The consortium was chosen as the preferred bidder for the project in November 2019. But two other bidders challenged the outcome of the proposal evaluation. They were the China Railway Group and the ACPC consortium consisting of Acciona Construction of Spain and Power Construction Corporation of China.
Panama Metro Line 3 will be 25 km long with 14 stations and will run from Albrook to Ciudad del Futuro. An end-to-end journey time will be 45 minutes, and the line will have an initial capacity of 20,000 passengers/hour/direction during peak periods. HPH will have 54 months to execute the project, which is expected to create 3,500 direct and 1,000 indirect jobs.
The Panamanian government expects that the construction of Metro Line 3, the largest infrastructure construction project in Panama, will ease traffic problems facing residents in the western area of Panama City.
Meanwhile, the metro project has boosted Hyundai E&C’s order receipts in 2020 to 3.8 trillion won, which include the Rusail Plaza Tower PLOT 3 and 4 project (about 1.2 trillion won) in Qatar, the Punggol Sports Center (about 190 billion won) in Singapore, and a combined cycle power plant (about 6740 billion) in Algeria.