AUSTIN, Texas — MMEX Sources Corp., a worldwide vitality firm focusing on the acquisition, improvement and financing of oil, fuel, refining and infrastructure tasks in Texas and South America, announced that it plans to build a $450 million, 50,000-bpd capacity crude oil refinery in the West Texas Permian Basin, topic to the receipt of required governmental permits and completion of required debt and equity financing.
Positioned 20 mi northeast of Fort Stockton, Texas, close to 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 gas; and crude oil to western Mexico and South America. As soon as accomplished, the Pecos County refinery might be one in all the first oil refineries constructed within the United States in more than 40 years.
“The Permian Basin is the largest continuous oil discovery in America and has experienced exponential gains in each day manufacturing quantity recently,mentioned Jack W. Hanks, President & CEO of MMEX Assets Corp. “The present amenities and pipeline networks are largely unequipped to handle this progress and are limiting the place products will be transported. By building a state-of-the-art refinery alongside the region’s existing railway infrastructure, we hope to deliver an area and export market for crude oil and refined merchandise which can add substantial job and financial growth to West Texas./p>
MMEX plans to surround the Pecos County refinery with an additional 250 acres of buffer property and leverage state-of-the-artwork emissions applied sciences to yield minimal environmental affect. It additionally expects to feature closed-in water and air-cooling techniques, which would require little or no native crude Oil Distillation water assets. Construction is slated to start in early 2018, following the permitting process, and the ability is projected to start operations in 2019.
The corporate anticipates the 18-month construction course of will create roughly four hundred jobs in the area throughout peak development, as well as foster a significant number of oblique jobs and income for companies in catering, workforce housing, building, tools and other industries. Once operational, the ability is predicted to provide an estimated 100 permanent jobs and generate substantial tax income for Pecos County.