Business

Naval Station Ingleside Deal Cancelled

The Port of Corpus Christi has cancelled a deal with Houston-based Canyon Supply and Logistics to redevelop former Naval Station Ingleside as an offshore drilling facility.

Port commissioners held a special meeting to rescind the contract with Canyon, after the Houston firm failed to provide a required $19 million down payment. 

Canyon missed two deadlines to provide the down payment toward the proposed $66 million offshore facility. The most recent deadline passed January 9.

The Port of Corpus Christi will now send a formal letter of default to Canyon. It will keep Canyon’s initial $1 million nonrefundable payment and attempt to find other buyers.

Commissioners in November approved selling 187 acres for a complex to be called Canyon Port, similar to one at Port Fourchon, Louisiana.

Canyon CEO Larry Ramming blamed delays on international banks and said he hopes to still do the deal.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

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