Canadian pipeline operator Enbridge Inc said on Tuesday it was buying logistics company Moda Midstream Operating LLC for $3 billion in cash, acquiring an export terminal in Texas that loaded more than a quarter of all U.S. Gulf Coast crude exports last year.
The Enbridge Tower is pictured on Jasper Avenue in Edmonton August 4, 2012. REUTERS/Dan Riedlhuber/File Photo/File Photosaid on Tuesday it was buying logistics company Moda Midstream Operating LLC for $3 billion in cash, acquiring an export terminal in Texas that loaded more than a quarter of all U.S. Gulf Coast crude exports last year.
Private equity firm EnCap Flatrock Midstream owns Moda, which purchased the Ingleside export facility from Occidental Petroleum CorpThe terminal can partially load very large crude carriers , tankers that can carry as much as 2 million barrels of oil.
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