Sep. 7—Canadian pipeline company Enbridge said Tuesday it will acquire Moda Midstream of Houston, including Moda's crude oil storage and export terminal near Corpus Christi.
Enbridge, which has about 1,100 employees in Houston, will pay about $3 billion in cash for Moda and take ownership of Moda Ingleside Energy Center, one of the largest crude oil storage and export terminals by volume in the United States, the companies said. The terminal, which will be renamed the Enbridge Ingleside Energy Center, loaded 25 percent of Gulf Coast crude exports last year, the company said.
The deal is expected to close in the fourth quarter.
The terminal has permits to expand existing storage capacity from 15.6 million barrels to 21 million barrels and from 1.5 million barrels per day of export capacity to 1.9 million barrels per day of export capacity. It can accommodate the largest oil tankers, known as very large crude carriers, and connects to Permian and Eagle Ford production via several long-haul pipelines
Enbridge also will receive a 20 percent interest in the 670,000 barrel per day Cactus II pipeline as well as a 100 percent operating interest in both the 300,000-barrels-per-day Viola pipeline and the 350,000- barrel Taft storage terminal.
"We're very excited about acquiring North America's premium, very large crude carrier capable, crude export terminal," Al Monaco, President and CEO of Enbridge said in a statement. "Over the last several years we've been building a strong position in the U.S. Gulf Coast through both natural gas and crude infrastructure."
Moda's Ingleside Management and key Moda marine terminal personnel will remain in place following the closing of the transaction, ensuring continuity of operations and ongoing development activities, according to the release.
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