Moda Midstream said Jan. 16 that it has completed its previously announced sale of a 50% interest in an NGL storage and terminal facility for an undisclosed amount, according to a press release.
Moda, backed by EnCap Flatrock Midstream, sold its joint venture interests in the terminal to Madrid’s Exolum, a European logistics company. Financial terms of the deal, announced in December, weren’t disclosed.
The Vopak Moda Houston (VMH) terminal is located on the Houston Ship Channel and is the only waterborne ammonia terminal with the deepwater berth capable of accommodating very large gas carrier vessels.
The VMH acquisition is part of Exolum’s diversification strategy, the company has said.
“Moda has again accomplished its mission to develop the most advantaged, sophisticated terminaling infrastructure in our industry,” Jonathan Z. Ackerman, Moda CEO and co-founder, said in a news release. “I applaud the collaboration and execution by Moda’s team of experts in commercial development, engineering and design, project management, operations and sustainability.”
Intrepid Partners LLC acted as exclusive financial adviser to Moda and Vinson & Elkins acted as legal counsel.
Recommended Reading
Hess Midstream Announces 10 Million Share Secondary Offering
2024-02-07 - Global Infrastructure Partners, a Hess Midstream affiliate, will act as the selling shareholder and Hess Midstream will not receive proceeds from the public offering of shares.
EQT CEO: Biden's LNG Pause Mirrors Midstream ‘Playbook’ of Delay, Doubt
2024-02-06 - At a Congressional hearing, EQT CEO Toby Rice blasted the Biden administration and said the same tactics used to stifle pipeline construction—by introducing delays and uncertainty—appear to be behind President Joe Biden’s pause on LNG terminal permitting.
Venture Global Acquires Nine LNG-powered Vessels
2024-03-18 - Venture Global plans to deliver the vessels, which are currently under construction in South Korea, starting later this year.
Imperial Oil Shuts Down Fuel Pipeline in Central Canada
2024-03-18 - Supplies on the Winnipeg regional line will be rerouted for three months.
Hess Midstream Subsidiary to Buy Back $100MM of Class B Units
2024-03-13 - Hess Midstream subsidiary Hess Midstream Operations will repurchase approximately 2 million Class B units equal to 1.2% of the company.