Moda Midstream Announces Early Delivery of Expansion Tankage and Provides Project Updates
HOUSTON – Liquids terminaling and logistics provider Moda Midstream, LLC (“Moda”) today announced it has commenced deliveries of storage tanks to customers from its 10 million barrel expansion at the Moda Ingleside Energy Center (“MIEC”) in Ingleside, Texas. To date, Moda has delivered 2.4 million barrels of new storage capacity ahead of schedule and has combined total storage of approximately 4.4 million barrels at MIEC and the Moda Taft Terminal. Moda expects to deliver half of the 10 million barrels of expansion tankage to customers and will have total capacity of approximately 7 million barrels by the end of 2019.
“I am very pleased to announce the early delivery of tankage to our customers to meet their growing needs,” said Moda President and CEO Bo McCall. “We have received strong demand for additional storage and throughput commitments to support our next expansion phase that will be similar in size to what we are executing today and will be easily accommodated at MIEC’s 925-acre footprint and expansive waterfront.”
New Marine Enhancements
Moda also announced it has commenced new marine enhancements. MIEC was originally designed by the U.S. Navy to support a carrier battle group that would accommodate an aircraft carrier and battleship. MIEC will be one of the first destinations to benefit from the Port of Corpus Christi Channel Improvement Project to increase the depth of the channel from -47’ to -54’ mean lower low water (MLLW). Moda has begun structural enhancements and dredging to Berth 5. These enhancements will allow for the docking of Suezmax class vessels. They have also begun improvements to Berth 4. These enhancements will allow for the docking of Very Large Crude Carriers (VLCCs). In addition, effective Sept. 1, 2019, the Port of Corpus Christi Pilot’s Association published an exemption to the daylight-only restrictions for certain Suezmax vessels. This exemption expands potential transit windows and allows further efficiencies at MIEC’s docks.
“We are thrilled to be adding a second VLCC berth at MIEC to give our customers unparalleled optionality,” McCall added. “MIEC already has the highest marine loading rates and fastest turnaround times of any Gulf Coast crude oil terminal. We are continuing to invest in our waterfront to enhance our capabilities and ensure efficient, safe and reliable loading.”
MIEC relies upon a state-of-the art design to seamlessly handle multiple grade segregations and ensure product integrity for all of its customers. MIEC is uniquely positioned to receive crude oil simultaneously from three long-haul Permian pipelines: the Cactus Pipeline, the Cactus II Pipeline and the EPIC Crude Oil Pipeline. Furthermore, Moda has substantially completed all of the infrastructure required to connect with the Gray Oak Pipeline and will be ready to receive deliveries at MIEC when the pipeline begins operations.
Moda Taft Terminal
Moda recently placed tankage in service at the Moda Taft Terminal, which is located at the center of an emerging pipeline and storage hub near Taft, Texas. The Moda Taft Terminal is connected to the EPIC Crude Oil Pipeline and Moda’s 20-inch pipeline between the Inner Harbor and MIEC. The terminal will be connected to the Cactus II Pipeline, the Gray Oak Pipeline and other crude oil systems. Development at the Moda Taft Terminal will provide customers additional storage and delivery optionality with access to key locations in Ingleside and the Port of Corpus Christi’s Inner Harbor.
Moda Ingleside Express Pipeline
Moda is evaluating the construction of an additional pipeline, the Moda Ingleside Express Pipeline. It would be bi-directional and run between MIEC and Taft. The new pipeline would provide customers additional connectivity between the Moda Taft Terminal and MIEC’s world-class waterfront.
About Moda Midstream, LLC
Moda Midstream, LLC is a liquids terminaling and logistics company that provides independent terminal, storage and distribution solutions to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids. Moda concentrates on providing safe, reliable solutions to third parties on a first-come-first-served basis. Moda’s mission is to be the logistics and terminaling provider of choice. Moda is backed by EnCap Flatrock Midstream. Please visit www.modamidstream.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information please visit www.efmidstream.com.
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