Port of Corpus Christi Poised to Get Additional Federal Funding for Ship Channel Project
- Business & Finance
Additional funds for the Port of Corpus Christi’s Ship Channel Improvement Project (CIP) have been announced in the US President’s new budget proposal.
As informed, Corpus Christi is the only Texas port included in the President’s Budget for US Army Corps of Engineers (USACE) Coastal Navigation Construction released on March 11, 2019.
“We are pleased with the Administration’s recognition of the importance of the Corpus Christi Ship Channel Improvement Project by including it in the budget again this year,” Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi, commented.
“Investing in infrastructure, balancing trade, and achieving energy independence is front and center to the Administration’s agenda and clearly this project checks all those boxes,” he added.
The proposed budget includes USD 53,313,000 in funding for the Port of Corpus Christi’s CIP in the USACE Civil Works budget. The CIP received USD 13 million in the 2019 federal budget, USD 23 million in the 2019 USACE Work Plan, and USD 59 million in the USACE 2020 Work Plan, in addition to the USD 132 million the Port of Corpus Christi has contributed to the CIP project.
“I was excited we were able to secure so much funding this past year for the Port’s Channel Improvement Project, because the Port of Corpus Christi is vital not just to economic growth in our region but also for the strategic interests of our nation,” Congressman Michael Cloud said.
“The additional support announced today in the President’s budget proposal is very encouraging, and I will continue working with Port leadership, Congress, and the Administration throughout the budget process to make sure this important project remains a priority.”
“This project is critical to reaching our nation’s energy goals, and we are proud to be playing such a major role in becoming a net exporter,” Charles W. Zahn, Jr., Chairman for the Port of Corpus Christi Commission, noted.
Completion of the ship channel will allow the port to increase export volumes of US oil and natural gas, bolstering domestic energy production and supporting the nation’s allies abroad. The Port of Corpus Christi exported USD 10.8 billion of crude oil to US trading partners in 2018, contributing to the offset of the United States trade deficit.
As the leading US crude oil export port and a major economic engine of Texas and the nation, Port Corpus Christi is the 4th largest port in the United States in total tonnage.