Odebrecht Pipeline Group Waiting for Government to End Contract
An Odebrecht-led pipeline consortium in Peru announced that it will not be able to meet a key financing deadline on Monday and is waiting for the government for notification that it will terminate its $5 billion contract, the company said in a statement Friday.
Brazilian engineering conglomerate Odebrecht, at the center of a growing bribery scandal in Latin America, has been trying to sell its 55 percent in the project, Gasoducto Sur Peruano, as a condition from banks that would provide a $4.1 billion loan needed for construction.
Grana y Montero , Peru's biggest construction group, owns a 20 percent stake in the pipeline group. Spain's Enagas SA controls 25 percent.
(Reporting By Mitra Taj)
