MMEX Resources to build $450M Texas crude oil refinery
Mar 14, 2017 – Energy firm MMEX Resources has unveiled plans to build a $450M crude oil refinery in the West Texas Permian Basin.
The new Pecos County refinery will be spread out on a 250-acre plot, 32km northeast of Fort Stockton in Texas. Plans are also on to surround the facility with an additional 250 acres of buffer property.
The refinery will have a capacity of 50,000 barrels per day, and is expected to incorporate modern emissions technologies to minimise environmental impact. It will also feature closed-in water and air-cooling systems, which will require little local water resources.
Jack Hanks, MMEX Resources’ president and CEO, said: “The Permian Basin is the largest continuous oil discovery in America and has experienced exponential gains in daily production volume recently. The existing facilities and pipeline networks are largely unequipped to handle this growth and are limiting where products can be transported.
“By building a state-of-the-art refinery along the region’s existing railway infrastructure, we hope to bring a local and export market for crude oil and refined products which will add substantial job and economic growth to West Texas.”
The project is subject to the receipt of governmental permits and completion of debt and equity financing. Construction work is expected to commence in early 2018 and the refinery is anticipated to be operational in 2019.
The development will create 400 jobs during the peak construction phase and 100 permanent jobs after the facility becomes operational.