Enbridge Acquires US-based Moda Midstream for $3 Billion

Ingleside is the largest crude oil export terminal in North America. (Photo: The Canadian Press)

Calgary – Enbridge signs $3 billion (3G) deal Which will see him acquire a terminal and a logistics company established in the United States.

The Canadian pipeline giant has announced that it will acquire Moda Midstream Operating from private equity firm EnCap Flatrock Midstream.

As part of the deal, Enbridge will acquire the Ingleside Energy Center, located near Corpus Christi, Texas.

Ingleside is the largest crude oil export terminal in North America. It handled 25% of all US Gulf Coast crude exports in 2020.

The deal will also give Enbridge access to other crude oil export assets in the Gulf Coast region, including the Cactus II pipeline, the Viola pipeline and the Taft terminal.

Enbridge says the purchase will boost its export strategy to the US Gulf Coast. According to the company, the deal is expected to be concluded in the fourth quarter and the company’s profits are expected to increase since then.

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