$400M investment to boost Corpus Christi as top U.S. crude oil exporter
A Washington investment firm is making a $400 million bet that will allow Corpus Christi to regain and keep its status as the top U.S. crude oil exporter.
The Port of Corpus Christi was the location of the first U.S. crude oil export in December 2015. The South Texas waterway remained the top U.S. crude oil export hub until last month, when recently completed pipeline projects allowed the Port of Houston to claim the title
During a Tuesday morning panel discussion at CERAWeek by IHS Markit, Carlyle Group Managing Director Ferris Hussein said the firm is investing $400 million into a project that will catch a wave of new Permian Basin to Gulf Coast crude oil pipelines that are expected to come into service over the next year and a half shifting exports back to Corpus Christi.