North American energy infrastructure company Enbridge has closed the acquisition of Moda Midstream Operating from Encap Flatrock Midstream for US$3 billion.
The deal was originally announced in September 2021. Enbridge now has a 100% operating interest in the former Moda Ingleside Energy Center (MIEC) which is now the Enbridge Ingleside Energy Center (EIEC). The deal also included the 350,000 bbl Taft Terminal, the 300,000 bpd Viola pipeline, and a 20% interest in the 670,000 bpd Cactus II pipeline.
‘The acquisition significantly advances the company’s US Gulf Coast export strategy and connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins,’ says Enbridge in a statement.