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
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
TC Energy Appoints Sean O’Donnell as Executive VP, CFO
2024-04-03 - Prior to joining TC Energy, O’Donnell worked with Quantum Capital Group for 13 years as an operating partner and served on the firm’s investment committee.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.