Liquids terminaling and logistics provider Moda Midstream has entered into a definitive agreement to acquire the Oxy Ingleside Energy Center and certain crude oil and LPG infrastructure from Occidental Petroleum Corporation.
Houston/USA — The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions. IEC is a storage and export terminal that provides access to global markets for crude oil and LPG producers and marketers.
IEC is strategically located in Ingleside, Texas, near the mouth of Corpus Christi Ship Channel with minimal transit times to the Gulf of Mexico. The terminal links Eagle Ford Shale and Permian Basin production to key domestic and international markets. The terminal will be connected directly to multiple “next generation” long-haul crude pipelines. The site is designed to handle a wide range of vessels, including very large crude carriers (“VLCCs”). The location has approximately 2.1 million barrels of oil storage capacity and three deep-water berths for crude oil. The facility currently is undergoing expansion to add storage capacity and infrastructure for contracted customer growth and to facilitate additional development.
As part of the transaction, Moda also acquired LPG storage, berths and infrastructure, certain crude oil pipeline assets and offsite logistics locations. Looking forward, the company plans to expand services through controlled-growth development for additional hydrocarbons expected to reach IEC in the coming years.