The Port of Corpus Christi has launced a $400 million dredging project that will allow large oil tankers to fully load millions of barrels of oil at local docks before embarking for Asia, Europe and other ports around the world. The work, which began in April, will see the channel deepened and widened.
The dredging will increase the depth of the ship channel to 54 feet from 47 feet and its width to 500 feet from 430 feet. The project will also allow for two-way oil tanker traffic.
The Port of Corpus Christi currently exports around 700,000 to 800,000 barrels of crude oil a day, vying with Houston for the title of top U.S. oil export port. When the dredging is complete at the end of 2022, Sean said, the port expects more than 3 million barrels of oil to be exported daily.
Strawbridge said 19 capital projects at the port — including marine terminals, storage facilities and other projects to increase oil exports — are either under construction or in the planning stages.
NuStar is significantly expanding its storage and marine facilities in the North Beach section of the port. NuStar also bought out its next-door neighbour at the port, Martin Midstream Partners LP, in 2016 for $93 million.
The dredging isn’t expected to be complete until the end of 2022.
Lone Star Ports is investing $1 billion in a storage and marine facility on Harbor Island at the Corpus Christi port, several miles from the Gulf Mexico. The project is funded largely by institutional investors such as public pension plans, foundations and endowments, primarily in the U.S.
That portion of the channel is scheduled to be dredged first, with completion expected as soon as early 2020.
For more information visit www.portofcc.com