Port of Corpus Christi: $59m for Channel Upgrades
The U.S. Army Corps of Engineers (USACE) announced its Fiscal Year (FY) 2019 Work Plan, which includes an additional $59 million in funding for the Corpus Christi Ship Channel Improvement Project (CIP).
This funding brings the total Federal appropriations for the CIP to $95 million. The estimated CIP cost is $360 million, of which the federal government is responsible for $230 million, while the Port of Corpus Christi is responsible for the remaining $130 million. To date, the Port of Corpus Christi has transferred $78 million of its own funds to the USACE, bringing the total CIP funding level to $173 million.
“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, Chief Executive Officer 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 U.S. 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.”
The FY ’19 President’s Budget already included $13 million of funding for the CIP, which was appropriated by Congress in September.