Monday, Blackwater Midstream Corp, a fuel and chemical storage company, said it signed a definitive purchase and sale agreement to acquire 800,000-barrel storage terminal in the Port of New Orleans for $4.8 million.

Monday, Blackwater Midstream Corp, a fuel and chemical storage company, said it signed a definitive purchase and sale agreement to acquire 800,000-barrel storage terminal in the Port of New Orleans for $4.8 million.
 
The company expects the acquisition to be immediately accretive to its results, even as the company continues the process of developing and constructing its new 10 million barrel storage terminal facility in Los Angeles.
 
The company also said that it obtained a term sheet from JPMorgan Chase & Co (JPM) to finance the transaction. The transaction is expected to be closed in sixty days.
 
Frank Marrocco, chief commercial officer of Blackwater Midstream, said that the acquisition of the Port of New Orleans facility would allow the company to actively pursue new business opportunities across an array of manufacturing companies including agricultural products, specialty and commodity chemicals.