Canada’s Enbridge has agreed with EnCap Flatrock Midstream to acquire Moda Midstream Operating for $3 billion. The acquisition includes Moda terminal in Ingleside, Texas, capable of exporting up to 1.5 million bpd of crude oil. The terminal is equipped with 15.6 million barrels of storage capacity. Enbridge will rename the terminal as Enbridge Ingleside Energy Center. The company said the terminal could be expanded to 1.9 million bpd of export capacity and 21 million barrels of storage capacity. It also plans to install 60 MW of solar power to the facility.
Enbridge will also purchase a Moda terminal in Taft, Texas; the 300,000 bpd Viola pipeline; and a 20% stake in the 670,000 bpd Cactus 2 pipeline. The deal will also give Enbridge a 50% interest in the proposed brownfield crude and refined products terminal in St James, Louisiana. The transaction is expected to be concluded in the fourth quarter.
