Enbridge Inc. agreed on Sept. 7 to acquire Moda Midstream LLC in a $3 billion cash deal that the Calgary, Alberta-based company said significantly advances its U.S. Gulf Coast export strategy.
“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,” commented Al Monaco, president and CEO of Enbridge, in a company release. “Our strategy is driven by the important role that low cost, sustainable North America energy supply will play in meeting growing global demand.”
Moda Midstream is a liquids terminaling and logistics company backed by EnCap Flatrock Midstream. Among its assets, the company operates the nation’s largest crude export terminal by volume located in Ingleside, Texas, near Corpus Christi, which includes very large crude carrier capability and 1.5 million bbl/d of export capacity.