MMEX Resources will build a US$450 million, 50,000 bpd capacity crude oil refinery in the West Texas Permian Basin the first major refinery project in the US since 1977.
Located 20 miles northeast of Fort Stockton, Texas and will use its connection to existing railways to export diesel, gasoline, and crude oil to western Mexico and South America.
The new oil refinery is subject to getting required governmental permits and completion of required debt and equity financing.
Jack W. Hanks, President & CEO of MMEX Resources Corp., commented: “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.”
Construction is slated to begin in early 2018, following the permitting process, and the facility is projected to begin operations in 2019.
In addition to the new refinery the firm intends to build buildings that can provide emissions technologies to yield minimal environmental impact. It also expects to feature closed-in water and air-cooling systems, which will require very little local water resources.