The Corpus Christi Ship Channel Improvement Project (CIP) is to receive an additional $59m in funding from the U.S. Army Corps of Engineers (USACE). This funding, which was announced in tis Fiscal Year 2019 Work Plan brings the total Federal appropriations for the CIP to $95m. The estimated 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, 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 $13m of funding for the CIP, which was appropriated by Congress in September.
For more information visit www.portofcc.com
28th November 2018