Moda Midstream has entered an agreement to acquire a storage and export terminal known as the Oxy Ingleside Energy Center (IEC) from Occidental Petroleum.
The definitive agreement will also see Moda Midstream assume ownership of LPG storage systems, berths and infrastructure, as well as certain crude oil pipeline assets and offsite logistics locations from Occidental Petroleum.
IEC is strategically located in Texas, US, near the mouth of the Corpus Christi Ship Channel.
It primarily provides access to global markets for crude oil and LPG producers and marketers.
The terminal links the Eagle Ford Shale and Permian Basin production sites to key domestic and international markets and will be connected directly to multiple long-haul crude pipelines.
It is capable of handling a wide range of vessels such as very large crude carriers (VLCCs) and has an oil storage capacity of approximately 2.1 million barrels, in addition to three deep-water berths for crude oil.
The facility is currently undergoing expansion to increase its storage capacity and infrastructure for contracted customer growth.
Moda Midstream president and CEO Bo McCall said: “Today’s acquisition is a milestone achievement for Moda and is a significant leap forward in realising our vision to build a leading independent terminaling company with a deep presence in the US Gulf Coast.
“We look forward to bringing our disciplined, safety-first operations approach and creative commercial mindset to IEC.”
The transaction is subject to customary closing conditions and is expected to close in the third quarter of this year.
Moda Midstream provides independent terminal, storage and distribution solutions and is pursuing the development of two liquids terminaling projects in other top-tier markets across the US Gulf Coast.
