Canadian pipeline operator Enbridge is planning to pay $3 billion in cash for liquids terminaling and logistics company Moda Midstream assets, including the nation’s largest crude export terminal by volume, Moda Ingleside Energy Center (MIEC).
Located in Ingleside, Texas, MIEC loaded more than 25 percent of all U.S. Gulf Coast crude exports in 2020. The center has an aggregate storage capacity of more than 15 million barrels and an export capacity of 1.6 million barrels per day. The asset serves as a critical link connecting Permian and Eagle Ford production to international markets.
Other assets included in the transaction are Moda’s Taft Terminal located near MIEC; a minority, non-operating interest in the Cactus II Pipeline; a 100 percent interest in Moda’s Viola Pipeline; and Moda’s St. James Development Project, a brownfield joint-development opportunity to build independent third-party logistics solutions for customers in the St. James, La., area.