Liquid storage company Exolum announced Dec. 13 that it entered into an agreement to purchase a 50% interest in Moda Midstream’s ammonia and NGL storage facility and export terminal. (Source: Shutterstock)
Liquid storage company Exolum announced Dec. 13 that it entered into an agreement to purchase a 50% interest in Moda Midstream’s ammonia and NGL storage facility and export terminal. The value of the offer was not disclosed.
The terminal is located on the Houston Ship Channel. The facility, Vopak Moda Houston (VMH), is the only waterborne ammonia terminal on the Houston Ship Channel with a very large gas carrier-capable deepwater berth that’s connected to the Port of Houston’s petrochemical complex via pipeline.
Ammonia is a possible alternative fuel as it releases few greenhouse gases as it burns.
The acquisition of VMH is part of Exolum’s diversification strategy, the company said in a statement.
“Exolum strives to become a key player in the development of supply chains for new sustainable energy products, such as ammonia and green methanol,” said Exolum CEO Jorge Lanza. “This operation, our first in the U.S., will enable us to continue strengthening our position in strategic ports and to promote the energy transition and the decarbonization of mobility at an international level.”
The transaction is subject to regulatory reviews and approvals and is expected to close in the first quarter of 2024, the announcement said.
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