Enbridge Inc. has signed a US$3-billion deal to purchase a U.S.-based terminal and logistics company.
The Canadian pipeline giant says it will buy Moda Midstream Operating LLC 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 North America’s largest crude export terminal. It loaded 25 per cent of all U.S. Gulf Coast crude exports in 2020.
The deal also gives Enbridge access to other crude export assets in the Gulf Coast region, including the Cactus II Pipeline, the Viola Pipeline and the Taft terminal.
Enbridge says the purchase will advance its U.S. Gulf Coast export strategy.
It says the deal is expected to close in the fourth quarter and will immediately add to the company’s earnings.
© 2021 The Canadian Press