The Port of Corpus Christi is set to develop a world-class crude oil export terminal on Harbor Island, the Port announced today.
The Port will work with The Carlyle Group to develop the first onshore location in the United State capable of handling fully-laden Very Large Crude Carriers (“VLCCs”). This would further the Port’s position as the preeminent global crude oil export hub, a press release said.
Thousands of direct and indirect jobs will be generated for the area and the state of Texas. Access for VLCCs at the Port will open the global markets for U.S. oil producers, pipelines, their supply chains and customers.
The result could produce up to a $50 billion annual reduction to the national trade deficit, according to the release.
“Corpus Christi is certainly where the incremental barrels want to go as we have deep water, availability of land for development and plenty of capacity to absorb the forecasted U.S. energy production growth in oil and gas. Corpus Christi is open for business,” said Charlie Zahn, the chairman of the Port of Corpus Christi Commission.
The Terminal is expected to be operational in late 2020.