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Moda Ingleside sells in Corpus Christi for $3B cash

The Moda Ingleside Energy Center, one of the largest customers of the Port of Corpus Christi, is selling to Enbridge Inc. Courtesy photo

Gulf Coast exports changing hands

Once $3 billion in cash changes hands sometime in the fourth quarter of 2021, Moda Ingleside Energy Center will become Enbridge Ingleside Energy Center, Enbridge Inc. announced Tuesday, Sept. 7. Moda Ingleside is one of the nation’s largest crude export terminals by volume due to its capacity to handle verylarge crude carriers, its rapid loading rates, and its access to open water via the Port of Corpus Christi. Last year, 25 percent of Gulf Coast crude exports came from MIEC, according to Enbridge.

Houston-based logistics company Moda Midstream LLC, which includes Moda Ingleside Energy Center, recently entered into an agreement to sell to Enbridge Inc. for $3 billion cash. Moda’s financial sponsor, EnCap Flatrock Midstream, negotiated the definitive purchase agreement.

“We’re very excited about acquiring North America’s premium, VLCC-capable, crude export terminal,” said Al Monaco, president and CEO of Enbridge, in a statement. “With close proximity to world-class Permian reserves, and with cost effective and efficient export infrastructure, our new Enbridge Ingleside terminal will be critical to capitalizing on North America’s energy advantage.”

Built in 2018, the MIEC terminal has 15.6 million barrels of storage and 1.5 million barrels per day of export capacity. In addition, Enbridge announced plans to lower emissions with development of solar power at the site. Its goal is to be one of the most sustainable export facilities in North America with net zero by 2050.

Currently, the terminal is directly connected to Permian and Eagle Ford basins, where the majority of Texas oil reserves are located. Enbridge will also acquire interests in the Cactus II Pipeline, Viola pipeline, and Taft Terminal, providing a fully integrated light crude export platform.

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