AUSTIN, Texas — MMEX Assets Corp., a global energy firm specializing in the acquisition, growth and financing of oil, fuel, refining and infrastructure tasks in Texas and South America, introduced that it plans to construct a $450 million, 50,000-bpd capability crude oil refinery in the West Texas Permian Basin, subject to the receipt of required governmental permits and completion of required debt and fairness financing.
Located 20 mi northeast of Fort Stockton, Texas, near the Sulfur Junction spur of the Texas Pacifico Railroad, the 250-acre facility intends to utilize its connection to present railways to export diesel, gasoline and jet fuels; liquefied petroleum gasoline; and crude oil to western Mexico and South America. As soon as accomplished, the Pecos County refinery will probably be certainly one of the first oil refineries constructed in the United States in greater than forty years.
“The Permian Basin is the largest steady oil discovery in America and has experienced exponential good points in each day manufacturing volume lately, mentioned Jack W. Hanks, President & CEO of MMEX Resources Corp. “The existing facilities and pipeline networks are largely unequipped to handle this progress and are limiting where merchandise may be transported. By building a state-of-the-art refinery alongside the region’s current railway infrastructure, we hope to deliver an area and export marketplace for crude oil and refined products which will add substantial job and economic development to West Texas. /p>
MMEX plans to encompass the Pecos County refinery with a further 250 acres of buffer property and leverage state-of-the-artwork emissions applied sciences to yield minimal environmental influence. It also expects to function closed-in water and air-cooling techniques, which would require very little native water assets. Development is slated to begin in early 2018, following the allowing process, and the power is projected to begin operations in 2019.
The company anticipates the 18-month building course of will create approximately four hundred jobs in the area throughout peak construction, as well as foster a significant number of indirect jobs and revenue for companies in catering, workforce housing, construction, gear and different industries. As soon as operational, the ability is anticipated to supply an estimated a hundred everlasting jobs and generate substantial tax income for Pecos County.
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