Historic Times for Port Corpus Christi - South Texas Alliance for Regional Trade

Dec 6, 2013


Port_Asopos Ship

 

Earlier this year something happened that has never before happened in the 87-year history of Port Corpus Christi—oil exports from the Port exceeded oil imports. To many, this may not seem like a terribly significant development, but its ramifications are beginning to be felt not only in South Texas, but also regionally and internationally.

What’s the cause of all this? The massive influx of oil coming from the Eagle Ford Shale.  Not only has it shifted the South Texas economy into high gear, it is realigning that same economy. It has increased Port revenues and allowed for more expansion of Port facilities, such as capital improvements of $23 million budgeted for a new oil dock, $31 million in ship channel improvements, $17.8 million rail improvement project, and many other developments.

Oil is not the only story now at the Port. With a prime location, and access to low-cost gas, foreign companies are looking to locate in South Texas. Italian-owned M&G Resins is building a $1.3 million plant for producing plastics, a project expected to bring almost 200 new jobs to the area. Voestalpine, an Austrian-based company, is planning a $750 million plant near the Port’s north-shore La Quinta Trade Gateway that will produce high grade hot briquetted iron, which can be sold to steel making companies. A Netherlands-based company, Trafigura, is planning to spend $500 million to build crude oil and natural gas storage docks and tanks and expand their terminal for additional barge and tanker service.  Cheniere Energy has plans to liquefy natural gas in the area for export to the Asian market, a $10 million project. And there is TCPO America, China’s Tianjin Pipe Corporation, investing $1.3 billion to produce steel pipe for shale production.  TPCO is one of the largest Chinese investments in the United States to date.

All of these projects add up to increased revenue, a spur of economic development and an estimated 65,000 quality jobs in the next several years.  That’s exactly the mission of Port Corpus Christi – to help benefit the economic development of South Texas for all its citizens.