A groundbreaking was held Monday on a new multimillion dollar oil storage and distribution facility along the Joe Fulton Corridor.

The first phase of the project involves $120 million, and they hope to have it operational in 2019.

The project is a joint venture of Junction Energy and Corpus Christi Infrastructure Inc.

"We're going to be creating storage and through our facility the idea is to be able to take their barrels that are being produced in the Permian and the Eagle Ford, ship them through the facility, load them on the vessels for the ultimate transport to other parts of the U.S. and the world," said Rob Johnson with Houston-based Junction Energy.

The project includes marine facilities adjacent to the existing M&G plastics plant and will make an economic impact in the form of new workers.

"We expect to create about a 100 jobs during the construction phase and 30-40 full-time jobs once we're operational," Johnson said.

At least one banking representative at the ceremony said the new plant proves that the oil industry is still interested in the area despite the downturn.

Gabriel Guerra with Kleberg Bank says,

"That has not changed the environment of the Port, of processing crude, of transportation, of shipping, of Exxon's plans for the community," Kleberg Bank's Gabriel Guerra said. "There is a forge ahead and continued growth in our area."

San Patricio County Judge Terry Simpson says,

"The new company is going to bring in new docking facilities that the Port doesn't have to put in. And any new growth at the Port is valuable," San Patricio County Judge Terry Simpson said.

Company officials said if all goes well and business is good, this could turn into a five- to seven-hundred million dollar investment in the next few years.

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