Corpus Christi Bags $59M for Channel Improvement Project
- Business & Finance
The U.S. Army Corps of Engineers 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.
According to USACE, 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 Corps, 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.”
The FY ’19 President’s Budget already included $13 million of funding for the CIP, which was appropriated by Congress in September.
Currently at a depth of 45 feet, the ship channel will be dredged to 54 feet to accommodate Suezmax and larger vessels, and widened to 530 feet to allow for two-way traffic flows, positioning the Port of Corpus Christi as the deepest draft navigation port in the U.S. Gulf.