The commission of the Port of Corpus Christi approved $217 million in bonds, in an attempt to expand its ship channel. Of these, around $102 million will be used for the ship channel project, while another amount is possible to be allocated for that work also.
With the expansion, the Port will be able to welcome larger vessels and more goods. Namely, the port plans to deepen its channel to 54 feet, enabling the full loading of Suezmax vessels. Moreover, the plans include an increase in exports of LNG from the Permian and Eagle Ford Shale.
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According to international sources, this project is considered very important, as if it does not materialize to meet the growing demand, it could have negative consequences to the US ability to strengthen its position in the energy market.
Recently, Reuters reported that the Port of Corpus Christi, which is US’s largest oil export port, will attempt to raise $300 million in order to conduct work which will make the Port ready to handle the US shale export increase.
International buyers are currently asking for more US crude. However, they are not getting it due to infrastructure limitations in the US Gulf Coast ports. These terminals have been designed for imports only recently, and are now trying to adapt their operations in order to handle exports, including accepting larger tankers.
The US is now exporting more than 2 million barrels of oil a day, but the largest tankers that are currently sailing, choose only the Louisiana offshore port, as the others are not deep enough.
