Moda Midstream has secured an initial equity commitment of US$750 million from EnCap Flatrock Midstream and the Moda management team.
Moda was formed earlier this year to provide independent terminalling, storage and distribution to refiners, petrochemical manufacturers, marketers and producers of crude oil, condensate, NGLs, refined products and other bulk liquids.
The company’s expertise includes deepwater vessel loading and unloading, storage, blending, processing and pipeline operations.
Moda Midstream is led by its four founding partners. The team includes president and CEO Ken Owen; senior VP of commercial and business development Bo McCall; senior VP and CFO Jon Ackerman; and senior VP and COO Javier del Olmo. The four founding partners have more than 70 years of combined energy industry experience and worked together as members of the executive team at Oiltanking North America, LLC and its publicly traded affiliate, Oiltanking Partners.
“There continues to be strong demand for North American bulk liquids storage infrastructure, particularly for facilities that have excellent import/export deepwater capabilities and pipeline, truck and rail connectivity,” said Ken Owen. “EnCap Flatrock’s long term commitment gives us the financial flexibility we need to build an integrated logistics platform through greenfield projects and asset acquisitions.”