Moda Midstream plans to acquire the Oxy Ingleside Energy Centre, including crude oil and LPG infrastructure, from Occidental Petroleum.
IEC is a storage and export terminal that provides access to global markets for crude oil and LPG producers and marketers. It is located in Ingleside, Texas, near the mouth of the Corpus Christi Ship Channel.
It linked Eagle Ford Shale and Permian Basin production to key domestic and international markets. It will be connected directly to multiple 'next generation' long-haul crude pipeline that allow for bathcing and segregation of crude oil deliveries at some of the most competitive tariff available to shippers.
It has 2.1 million barrels of oil storage capacity and three deep-water berths for crude oil. The facility is currently undergoing expansion to add storage capacity and infrastructure for contracted customer growth. There is scope for additional expansion on the 900-acre site.
In addition, Moda also acquired LPG storage, berths and infrastructure, certain crude oil pipeline assets and offsite logistics locations. Looking ahead, the company plans to expand services through controlled-growth development for additional hydrocarbons expected to reach the terminal in the coming years.
Bo McCall, Moda president and CEO, says: 'We are excited to have the opportunity to continue building on Occidental's vision of the Ingleside Energy Centre as a premier export terminal in the US Gulf Coast. We see enormous growth potential and look forward to providing exceptional service to our existing and new customers for years to come.
'This acquisition is a milestone achievement for Moda and is a significant leap forward in realising our vision to build a leading independent terminalling company with a deep presence in the US Gulf Coast.'
The transaction is expected to close later in the third quarter of 2018.
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