The Houston Ship Channel where the Vopak Moda Houston terminal is located. (Source: Shutterstock)
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.
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