PortandTerminal.com, December 16, 2019
CORPUS CHRISTI, TX – The Port of Corpus Christi recently announced their budget for 2020 and have made it clear that they are expecting another record-breaking year of business in 2020.
The port has been moving from strength to strength over the past several years. It went from shipping zero crude in 2015 to exporting $10.8B worth of crude oil to its U.S. trading partners around the world just three years later.
Port CEO Sean Strawbridge told commissioners that there is a significant increase expected in revenues because of the three new Permian Basin pipelines moving West Texas crude through the Port.
The Port’s budget this year was $109 million. Next year it is going up by about $27 million to a total of $137 million. That’s largely due to the increase in the volume of oil coming through the Port.
The port has lined up about $237 million for capital projects — roughly $227 million in expenditures after taking into account state and federal funding, according to a budget summary.
Port documents show the 2019 capital spending budget at nearly $180 million, with the agency’s share of funding for the projects at about $160 million.
Ship channel widening and deepening, along with investments in oil docks, are among the larger projects listed in 2020 plans.
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