Enbridge to buy Moda from EnCap for $3bn

Enbridge said the deal significantly advances its US Gulf Coast export strategy and connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins. It also said the acquisition is expected to be immediately accretive to its financial outlook.

President and chief executive officer Al Monaco said: "We're very excited about acquiring North America's premium, very large crude carrier (VLCC) capable, crude export terminal.

"Over the last several years we've been building a strong position in the US Gulf Coast through both natural gas and crude infrastructure. Our strategy is driven by the important role that low cost, sustainable North America energy supply will play in meeting growing global demand. With close proximity to world-class Permian reserves, and with cost effective and efficient export infrastructure, our new Enbridge Ingleside terminal will be critical to capitalising on North America's energy advantage."

The transaction is expected close in the fourth quarter.