EnergyWatch

Canadian oil pipeline giant announces billion-dollar takeover

Enbridge acquires ownership of Moda Midstream Operating for USD 3bn.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Canadian oil supplier company Enbridge has signed a purchase deal worth USD 3bn to take over Moda Midstream Operating, reports Bloomberg News.

Enbridge, which makes money from transmitting oil through large pipelines, thereby secures extra capacity around the Gulf of Mexico.

This acquisition connects Enbridge to shale fields in New Mexico and Texas as well as to North America's largest crude export terminal, Ingleside Energy Center, the media writes.

Enbridge, listed in both Toronto and New York, rises 0.1 percent in premarket trading.

Moda is not publicly listed.

Keystone pipeline, symbol to oil's foes and friends, is now dead 

Oil companies persuade states to make pipeline protests a felony

Enbridge sells natural gas activities for CAD 4.3 billion

More from EnergyWatch

Europe’s carbon price has almost tripled in 2021

European carbon futures rose above EUR 80 a tonne on Friday for the first time, testing the resolve of politicians who are promising to act aggressively on climate change while grappling with inflation that’s tearing into economies across the globe.

Danish carbon storage can run at max from day one

TotalEnergies can't see the need to pilot carbon storage under the Harald field in the Danish North Sea. Rather, the supermajor wants to begin at full scale if the Bifrost project manifests. Although much now depends on two forthcoming events: presentation of political strategy and allocation of EUDP money.

Further reading

Related articles

Latest News

See all jobs