The estimated Channel Improvement Project (CIP) cost is $360m of which the federal government is responsible for $230m while the Port of Corpus Christi is responsible for the remaining $130m.
To date, the Port of Corpus Christi has transferred $78m of its own funds to the USACE, bringing the total CIP funding level to $173m.
“The inclusion of additional Work Plan funds is yet another significant milestone toward the United States becoming a net exporter of its energy production,” said Sean Strawbridge, ceo for the Port of Corpus Christi.
“Widening and deepening the Corpus Christi Ship Channel is a mathematical certainty. Energy markets are taking notice as the majority of incremental US energy production is coming to Corpus Christi and ultimately to the global markets. We expect over two to three million barrels per day of new crude production coming our way, and our energy producing and marketing customers know we are building out all the necessary infrastructure to handle these new volumes, safely and responsibly,” he added.
The FY ’19 President’s Budget already included $13m of funding for the CIP, which was appropriated by Congress in September.
Corpus Christi is the 4th largest port in the United States in total tonnage and located on the western Gulf of Mexico with a 36-mile, 47-foot-deep channel.