The head of the Ministry of Agrarian Development and Irrigation (Midagri), Oscar Zea, announced today the signing of the agreement with the concessionaire Chavimochic SAC, whose main shareholder is OEC (formerly Odebrecht), in which both parties request the Court Arbitration the suspension of the award “by mutual agreement”.
According to information from the ministry, the completion of the Palo Redondo dam of the Chavimochic III project will allow the creation of 66,000 direct jobs, a volume of private investment of around US$2.2 billion, as well as US$100,000 million in production. annual (food), among others.
The signed agreement states that the request for suspension of the arbitration award is made with the aim of “having a sufficient period to achieve negotiations between the parties and restart the works contemplated in the project (Chavimochic III in La Libertad)”.
In the document, it is established to set a term of 60 days to carry out negotiations, which may be extended for another 30 business days “to sign the addendum to the contract. If an agreement is not reached, either party, by means of a written communication, may request the arbitral tribunal to issue the award”, it refers.
In the same way, the concessionaire undertakes to start the continuation of the work of “Palo Redondo 30 days after signing the addendum agreed by both parties and finish it within 18 months,” the agreement indicates. The concessionaire undertakes to carry out the work of Palo Redondo “in the same terms and conditions agreed in the contract, “without payment of interest and any additional payment other than the concepts established in the contract, or any compensation.”
The formation of a Multisectoral Commission for the elaboration, follow-up and monitoring of the signing of the addendum is also agreed, “integrated by Midagri, Ministry of Economy and Finance (MEF), Ministry of Foreign Trade and Tourism (Mincetur), Comptroller General of the Republic, Regional Government of La Libertad and the congressman, Víctor Flores, in his capacity as representative of the Chavimochic Special Commission”.
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