• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 3 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 1 hour During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 20 hours Apology Accepted!
  • 38 mins Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 53 mins Why Oil could hit $100
  • 2 hours Putin Paid Militants to Kill US Troops
  • 7 hours The Political Genius of Donald Trump
  • 22 hours U.S. natural gas at major disadvantage in Europe and China.
  • 23 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 1 day CoVid in Spain, 9 months before China
  • 1 day Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 1 day The world is headed for big problems - interview with very smart economist
U.S. LNG Industry Needs Prices To Double

U.S. LNG Industry Needs Prices To Double

Large U.S. LNG projects are…

Why Power Companies Can’t Ditch Coal Just Yet

Why Power Companies Can’t Ditch Coal Just Yet

The electric industry’s decarbonization program…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Nicaragua to Build $30 Billion Waterway to Rival Panama Canal

The 51 mile Panama Canal was built back in 1914 to offer ships a faster route between the Atlantic and Pacific Oceans. Five percent of the annual world trade passes through the canal, more than one million ships since 1914, which last year helped generate $1 billion for Panama in 2011.

Nicaragua was considering the construction of its own canal, until Panama beat them to it, however once again the rumours of a Nicaraguan Canal are surfacing, with countries such as China, Russia, Brazil, and Japan, willing to invest $30 billion in order to develop another route between the Atlantic and Pacific. The Nicaraguan government hopes that the waterway will promote foreign investment and development in the country, which is the second poorest in the Americas, after Haiti.

Eden Pastor, the leader of the project, has said that his team has “had talks with Japan, China, Russia, Venezuela, Brazil and South Korea and everyone is interested” in contributing to the $30 billion plan.

On Tuesday the Nicaraguan President, Daniel Ortega, submitted a draft bill for consideration which detailed six potential routes for the new canal, one of which would pass through the San Juan river on the border of Costa Rica.

At the moment the Panama Canal is in the middle of a $5.25 billion project designed to expand its size and allow for larger ships, but the Nicaraguan Canal will be built even wider and deeper in order to accommodate the largest ships that wish to pass through.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • Roger white on August 21 2012 said:
    This time it will be reality.The Panama canal event with the improvement it not enough.the world need a new and bigger canal.
  • ronald a bleecker on June 11 2012 said:
    It will not be built. Transit fees will have to be to high and will not compete with the Panama Canal.
  • JorgeB on June 09 2012 said:
    Sounds like the same plans they have had for 100 years...

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News