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Occidental Petroleum to divest Texas storage, export terminal to Moda Midstream

Occidental Petroleum Corp. agreed to divest its storage and export terminal, Oxy Ingleside Energy Center LLC, plus certain crude oil and LPG assets, to Houston, Texas-based liquids terminaling and logistics provider Moda Midstream LLC.

The Ingleside Energy Center, or IEC, located near the mouth of Corpus Christi Ship Channel, provides crude oil and LPG producers and marketers access to global markets, according to an Aug. 8 news release.

The facility, which will be connected to "next-generation" long-haul crude lines capable of batching and segregation of crude oil deliveries at some of the most competitive tariffs available to shippers, is designed to handle a wide range of vessels, including very large crude carriers, at high loading rates.

IEC currently has about 2.1 million barrels of oil storage capacity and three deep-water berths for crude oil. It is undergoing expansion to boost storage capacity and infrastructure for contracted customer growth and to facilitate additional development.

Moda Midstream also acquired LPG storage, berths and infrastructure, certain crude oil pipe assets and offsite logistics locations from Occidental as part of the deal. Moda said it plans to expand services through controlled-growth development for additional hydrocarbons expected to reach IEC in the coming years.

The transaction is scheduled to close in the third quarter of 2018.

Moda Midstream is partnered with equity capital provider EnCap Flatrock Midstream.