Port of Corpus Christi raises $216m in bond sale

The Port of Corpus Christi sold more than $216 million in bonds last week to fund energy export projects.

PORT OF CORPUS CHRISTI BY NUMBERS

  • $150 BILLION of economic activity including:
    • $20 billion in economic activity for Texas
    • $4.7 billion in personal income
    • $353 million in state and local taxes
    • 80,000 port related jobs
  • 4th largest US sea port by tonnage: 100 million tons per year
  • Largest US-produced crude export port: 200 million barrels est. in 2018
  • $50 BILLION in privately funded industrial projects underway
  • Expected to become largest exporter of Liquefied Natural Gas in the US by 2020

Port officials on Friday said the money will be used to deepen and widen the Corpus Christi Ship Channel and fund upcoming capital projects within the Port.

The channel improvement project isn’t the only one that could receive the money.

A new crude oil export terminal that would be able to take in the world’s largest tankers, the 2 million barrel very large crude carriers or VLCCs, is being eyed by the port for Harbor Island, just two miles inland from the Gulf of Mexico.

In recent years, the US has emerged as a major player in global energy supply. And the Port of Corpus Christi reflects the nation’s growing energy exports. What’s driving this growth is the shale revolution, as Texas leads the nation in onshore energy production.

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In an Op-Ed published on Icons of Infrastructure,  Charles Zahn, chairman of the Port of Corpus Christi Commission, wrote “if the shale renaissance is the rocket, the repeal of the 40-year ban on exporting American crude oil is the rocket fuel. Exports have grown to nearly two million barrels per day with approximately 50 percent via the Port of Corpus Christi alone. Add natural gas liquids, liquefied petroleum gas, and refined products to the mix, and it is clear how the Port of Corpus Christi became a gateway for global energy trade.

Next year, we will be adding liquefied natural gas (LNG) to our exports mix when Cheniere’s Corpus Christi Liquefaction facility comes online.”

The port likely will export 200 million barrels of US crude oil in 2018. Coupled with shipments of LPGs (5.6 million barrels) and petroleum products (101 million barrels), it is the nation’s largest port for crude exports.

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