Blackwater Midstream Corp. (OTCBB:BWMS), a developing company in the field of fuel and chemical storage, announced today that Michael Suder, former president & chief operating officer of Delta Terminal Services, was appointed as the new Chief Executive Officer of Blackwater Midstream and elected as a member of the Board of Directors.
"There are exciting opportunities in the market and I believe that Blackwater Midstream has the strategy and resources to take advantage of these opportunities," said Michael Suder.
At Delta Terminal Services, Mr. Suder was responsible for growing the facility from 1.5 million barrels to over 3 million. Delta Terminal Service's EBITDA grew from $4.5 million to $17 million, and the business was sold in December 2000 to Kinder Morgan Energy Partners, LP (NYSE:KMP).
Upon the acquisition of Delta Terminal Services by Kinder Morgan, Mr. Suder became the General Manager for Kinder Morgan's lower Mississippi River region. Mr. Suder subsequently served as the director of new business development for LBC Tank Terminals, where he oversaw the growth at their Baton Rouge facility. Under his management LBC Tank Terminals increased capacity to over 1 million barrels; and the business was sold in June 2007 to Challenger Financial Services for 585.0 million Euros (approximately $877.0 million at today's exchange rates).
"We're thrilled to have Michael aboard," said Chris Wilson, a director of Blackwater Midstream. "Michael has a proven, unparalleled track record in the terminal industry. He has years of experience in this industry, and, having twice grown businesses in the lower Mississippi region to successful sale, his insight will be very beneficial to guide Blackwater Midstream in the years ahead."
Blackwater Midstream has identified land and facilities along the lower Mississippi River which it intends to acquire to develop a world-class independent liquid storage terminal for petroleum, chemicals, renewable fuels and agricultural products.
