After scrapping its own plans to construct a deepwater crude oil facility, Enbridge Inc. is set to acquire North America’s largest crude export terminal after agreeing to pay $3 billion in cash for rival Moda Midstream Operating LLC.

Under an agreement with EnCap Flatrock Midstream, Enbridge on Tuesday said it would acquire full operating interest in the Ingleside Energy Center near Corpus Christi, TX. The facility, built in 2018, is capable of loading very large crude carrier vessels and comprises 15.6 million barrels of storage and 1.5 million b/d of export capacity. It loaded 25% of all U.S. Gulf Coast exports in 2020, according to Enbridge.

“Over the last several years, we’ve been building a strong position in the U.S. Gulf Coast through both natural gas and crude...