Baker Botts represented Moda Midstream in acquisition of Oxy Ingleside Energy Center Terminal from Occidental Petroleum
Liquids terminaling and logistics provider Moda Midstream, LLC (“Moda”) announced it has entered into a definitive agreement to acquire the Oxy Ingleside Energy Center (“IEC” or the “Ingleside Energy Center”) and certain crude oil and LPG infrastructure from Occidental Petroleum Corporation (NYSE: OXY). Moda is partnered with equity capital provider EnCap Flatrock Midstream (“EFM”).
The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions. As part of the transaction, Moda will acquire the IEC, a storage and export terminal designed to handle a wide range of vessels, including very large crude carriers, and connected directly to multiple “next generation” long-haul crude pipelines that link Eagle Ford Shale and Permian Basin production to key domestic and international markets, enabling the IEC to provide access to global markets for crude oil and LPG producers and marketers.
Moda will also acquire certain crude oil pipeline assets and offsite logistics locations.
The transaction value was not disclosed, but the transaction is part of a $2.6 billion midstream divestiture package announced by Oxy on August 8, 2018.
Baker Botts L.L.P. represented Moda Midstream, LLC in this transaction.
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