Blackwater New Orleans LLC, a wholly owned entity of Blackwater Midstream Corp, has completed a new lease for storage capacity with a Louisiana chemical manufacturer at its recently acquired Westwego LA facility. The lease started in mid-January and is expected to add approximately $500,000 in net earnings in 2009.
Blackwater New Orleans completed the acquisition of NuStar Energy's 855,000-barrel storage terminal December 23, 2008. Mike Suder, Blackwater Midstream Corp's chief executive officer, said, “Adding a new customer to our Westwego site so quickly after our acquisition of the facility signifies the commitment to our business plan to expand the use of the terminal and bring value to our customers and to our shareholders.”