Blackwater Midstream is to acquire the NuStar liquid terminal in Salisbury, Maryland in the US for $1.6 million by the third quarter of this year.
The site features 177,000 barrels of storage and can be accessed by both inland barges and tank trucks. There is also a three-bay automated truck loading rack which has a bottom loading system to control vapours.
There is also a lot of room for potential expansion within the area.
Frank Marrocco, COO of Blackwater Midstream says: ‘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.’
Mike Suder, Blackwater Midstream’s CEO adds: ‘This transaction is a continuance of our business plan to acquire and grow under?performing assets by offering exceptional service to our customers while adding shareholder value.’