Blackwater Midstream intends
to acquire Salisbury MD terminal
Jun 7, 2011 10:35 AM
Blackwater Midstream Corp has entered into a letter of intent to acquire a liquid terminal facility in Salisbury MD for $1.6 million. The acquisition is expected to be completed within the third quarter of 2011.
The Salisbury site consists of 177,000 barrels of storage capacity situated on six acres of property along the Wicomico River. The site is accessible by inland barges and tank trucks. There is a three-bay automated truck loading rack equipped for bottom loading with vapor controls. In addition, there is ample property within the fence line to expand the capacity at the site.
Mike Suder, Blackwater Midstream’s chief executive officer, said, “The Salisbury acquisition is another strategic addition to our business portfolio. This transaction is a continuance of our business plan to acquire and grow underperforming assets by offering exceptional service to our customers while adding shareholder value.”
Frank Marrocco, chief commercial officer of Blackwater Midstream, said, “We are very pleased to have this opportunity to add to the expanding Blackwater Midstream network of liquid storage facilities. We believe that Blackwater can add significant growth to the facility, which serves as an integral component to the petroleum supply chain in the Delmarva region. We will accomplish business growth at the Salisbury terminal by forming strategic partnerships with petroleum refiners and distributors that service this area.”
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