Blackwater completes terminal acquisition
Jan 4, 2012 9:32 AM
Blackwater Maryland LLC, a wholly owned subsidiary of Blackwater Midstream Corp, has finalized the acquisition of a storage terminal facility in Salisbury MD for $1.6 million. The closing date of the acquisition was December 22, 2011, and the transaction was 100% financed by Blackwater Midstream’s existing senior lender.
The Salisbury site consists of 177,000 barrels of storage capacity on 26 acres of property along the Wicomico River. The site is accessible by inland barges and tanktrucks. There is space available within the existing facility to build an additional 100,000 barrels of capacity at the site.
Mike Suder, Blackwater Midstream’s chief executive officer, said, “We are pleased to announce that we have completed our acquisition of a terminal facility in Salisbury, Maryland. Adding this site is a continuation of our strategic plan to acquire underutilized terminal assets and expanding the capabilities to meet our customer’s product distribution requirements. This is the same model that we have very successfully implemented at our two previous acquisitions in Westwego LA and Brunswick GA. In fact, we are currently in the planning process for additional tank capacity at both of those locations.”
Frank Marrocco, chief commercial officer of Blackwater Midstream, said, “Our newly acquired Salisbury terminal is a key component in the supply chain that services the Delmarva region’s petroleum product demand. Our primary focus is to ensure that our customer’s requirements are met by providing our outstanding customer service that ultimately supports their business plan. In addition to the petroleum handling capabilities at the site, we are in discussions with other potential customers that have indicated an interest in storing non-petroleum products.”
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