P’cola port plant halted

Construction on a $50 million Port of Pensacola, Fla., manufacturing plant has been halted due to finances related to the falling price of crude oil. The project, announced by Pensacola Mayor Ashton Hayward last July, is being led by DeepFlex of Houston, Texas, an underwater pipe company. It was to be the largest private commercial development ever at the city-owned port. The project is 80 percent complete. The unexpected turndown of crude prices – having fallen 50 percent to less than $60 a barrel since the fall of 2014 – is blamed for a possible financial crunch for the company, said Port Director Amy Miller. Resumption of the construction may depend on a rise in oil prices. Pensacola News Journal 03/29/15 Previous story