MMEX Resources Corp (OTCMKTS:MMEX) To Build Refinery in Permian Basin
MMEX Resources Corp (OTCMKTS:MMEX) an international energy firm focusing on the development, financing and acquisition of gas, oil, infrastructure and refining assignments in Texas and South America reported that it intends to a $450 million crude oil refinery in Permian Basin, depending on the receipt of needed governmental permits and closure of required equity and debt financing.
This announced 250-acre facility plans to use its connection to current railways to export diesel, jet fuels and gasoline; crude oil and liquefied petroleum gas to South America and western Mexico. Once done, the Pecos County refinery will come in the list of initial oil refineries established in the United States in over 40 years.
Jack W. Hanks, the CEO and President of MMEX Resources, reported that the Permian Basin is the major continuous oil discovery in the U.S. and has witnessed exponential gains in production volume. The existing pipeline networks and facilities are largely unequipped to manage this growth and are confining where items can be transported.
By establishing an advanced refinery along the region’s current railway infrastructure, they expect to bring an export and local market for refined products and crude oil which will add considerable economic growth and job to West Texas.
MMEX Resources intends to border the Pecos County refinery with further 250 acres of buffer asset and leverage advanced emissions technologies to get minimal environmental impact. It anticipates to feature air-cooling and closed-in water systems, which will need extremely little local water resources. The firm intends to initiate the construction in early 2018, after the permitting procedure, and the facility is predicted to commence operations in 2019.
The firm expects the 18-month construction procedure will lead almost 400 jobs in the area in peak construction, and support a notable count of indirect jobs and revenue for firms in catering, workforce housing, equipment, construction and other industries.© Copyright 2016 OTC News Magazine. All rights reserved.