Port of Corpus Christi – $50+ Billion in Infrastructure Spending
For years the Port of Corpus Christi was a sleepy port handling the import of bauxite ore unloading at the Sherwin Alumina plant for processing aluminium oxide and providing a home for a small naval base in Ingleside. Today, thanks to its close proximity to the Eagle Ford Shale oil and gas play, the Port of Corpus Christi is in boom-town mode.
The port of Corpus Christi is now a major export port for oil and soon liquefied petroleum gas. Throughout 2013 a number of very large infrastructure projects have been quietly built at the Port of Corpus Christi.
Trafigura Terminals LLC has an 84 acre facility that will soon be capable of trans-loading oil and oil condensates from rail cars and trucks to inter-coastal barges and deep water ships. The company is in the process of expanding from the ability to store 600,000 barrels of oil and condensate to over 2 million. Recently the facility has established pipeline access to Eagle Ford Shale oil and condensate.
The M&G Group, an Italian family owned business is constructing a large plant to turn petrochemicals into material used in packaging. The company is investing $1 billion into the Port of Corpus Christi plant and expects to manufacture 1.6 million tons of PET resin per year that will be used in making packaging material throughout the Western Hemisphere.
In 2012 the Oxy Ingleside Energy Center acquired the former U.S. Naval base in Ingleside on the north side of the Port of Corpus Christi. The company is building a large propane exporting facility at the location. The plant is scheduled to be complete in 2015 and will allow Texas propane to be exported to Europe, South America and be sold for hirer prices than it can command in the U.S.
These three examples are a few of the small, medium and large projects that are in progress at the Port of Corpus Christi.
Growth at Port of Corpus Christi is attracting subcontractors and tradesman.
Though large projects like the three mentioned above select large contractors to build them, the large general contractors rely on smaller specialized subcontractors to perform much of the work. These small and mid-sized businesses are being awarded the billions of dollars of contracts. Sadly many of them don’t have the financial capital to accept the work and financing their working capital.
Business Finance Solutions can help!
Our company has over 50 years of combined experience with complex financing needs of small and mid-sized businesses. If you are a sub-contractor working at the Port of Corpus Christi or in any other oil and petrochemical center we can help you with:
- Working capital financing either with asset based lines of credit or invoice factoring;
- Equipment finance for new or used equipment you may need;
- Hard to finance projects and companies that have had uneven profitability;
- Start-up companies that may not have any financial history
Business Finance Solutions has originated over $400 million in financing since 1994. Much of it has been in the oilfield.
If you are a subcontractor or service provider working at the Port of Corpus Christi or elsewhere and need cash to expand or take on a large project, give us a call at either 855.220.8585 or 512.990.8756.
We are here to help your company grow!