![Houston Ship Channel](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/01/houston-ship-channel.jpg?itok=WfxjbOwO)
The Houston Ship Channel where the Vopak Moda Houston terminal is located. (Source: Shutterstock)
Moda Midstream said Jan. 16 that it has completed its previously announced sale of a 50% interest in an NGL storage and terminal facility for an undisclosed amount, according to a press release.
Moda, backed by EnCap Flatrock Midstream, sold its joint venture interests in the terminal to Madrid’s Exolum, a European logistics company. Financial terms of the deal, announced in December, weren’t disclosed.
The Vopak Moda Houston (VMH) terminal is located on the Houston Ship Channel and is the only waterborne ammonia terminal with the deepwater berth capable of accommodating very large gas carrier vessels.
The VMH acquisition is part of Exolum’s diversification strategy, the company has said.
“Moda has again accomplished its mission to develop the most advantaged, sophisticated terminaling infrastructure in our industry,” Jonathan Z. Ackerman, Moda CEO and co-founder, said in a news release. “I applaud the collaboration and execution by Moda’s team of experts in commercial development, engineering and design, project management, operations and sustainability.”
Intrepid Partners LLC acted as exclusive financial adviser to Moda and Vinson & Elkins acted as legal counsel.
Recommended Reading
Marketed: Wayfinder Resources, KSE Minerals Five Well Package in Oklahoma
2024-05-13 - Wayfinder Resources Operating and KSE Minerals has retained EnergyNet for the sale of a Mississippian/ Woodford opportunity in Canadian County, Oklahoma.
Marketed: DLH Capital 14 Well Package in SCOOP/STACK
2024-05-06 - DLH Capital LLC has retained EnergyNet for the sale of a 14 well package SCOOP/STACK opportunity in Blaine, Caddo, Canadian and Grady counties, Oklahoma.
Marketed: Excess Energy 207 Well Package in Austin Chalk, Eagle Ford Shale
2024-06-04 - Excess Energy has retained EnergyNet for the sale of a Austin Chalk and Eagle Ford Shale, 207 well package in La Salle and Webb counties, Texas.
Crescent Point Divests Non-core Saskatchewan Assets to Saturn Oil & Gas
2024-05-07 - Crescent Point Energy is divesting non-core assets to boost its portfolio for long-term sustainability and repay debt.
Permian Resources Adds More Delaware Basin Acreage
2024-05-07 - Permian Resources also reported its integration of Earthstone Energy’s assets is ahead of schedule and raised expected annual synergies from the deal.