31-07-2017
MMEX Resources announces land acquisition for refinery project
MMEX Resources Corp, a development-stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, announced today a purchase of 126 acres in Pecos County, Texas for the construction of its Phase I 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas.
Jack W. Hanks, President and CEO of MMEX Resources Corp., commented, “The closing of our Phase I land site is a major milestone for the Pecos County refinery project and a catalyst for significant milestones to come, including the filing of environmental permits to authorize construction on our smaller-scale initial refinery. We’re eager to begin construction on this exciting project and start bringing new jobs to the region.”
The 126-acre land site will house MMEX’s Phase I 10,000 BPD crude distillation unit announced last month, which will have a total footprint of 15 acres and be a companion to the Phase II $450M, 50,000 BPD refinery announced in March. MMEX intends to file necessary permits for the initial unit immediately and expects to be able to obtain full permitting on the initial unit within 45 days of filing. Assuming that adequate financing is obtained, construction will begin as soon as all permits are issued and will take approximately 15 months to complete.
As part of the land sale agreement, MMEX also intends to purchase an adjacent 350 acres for the construction of the Phase II 50,000 BPD refinery, which will have a footprint of 250 acres, no later than January 2018. When both land purchases are complete, the combined land site for both refineries will consist of 476 total acres with room for storage and expansion.
The Pecos County refinery site is strategically located on the Texas Pacifico-South Orient Railroad 20 miles northeast of Fort Stockton, Texas and will leverage existing rail, roadway and pipeline infrastructure for both crude supply and the sale of refined products. The Texas Pacifico-South Orient Railroad interconnects to the Dallas-Fort Worth area, the Texas Gulf Coast and Mexico at Presidio, which will allow for the export of refined products internationally.
This is the latest in a series of project milestones MMEX has achieved since initially announcing the Pecos County Refinery project in March. In June, MMEX announced an agreement which may provide up to $3M in additional equity agreement for the repayment of indebtedness and working capital purposes, including a portion of the construction expenses for the 10,000 BPD initial unit last month. MMEX also opened its principal office in Fort Stockton in May.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024
-
Radix partners with Cleopatra Enterprise to enhance project controls and turnaround management
Radix, a global technology solutions company, announced the signing of a partnership agreement with Cleopatra Enterprise, a leading project cost management software company. ...
16-04-2024
-
Rhône Energies in talks to buy Fos-sur-Mer refinery
Rhône Energies, a consortium of Entara LLC and Trafigura Pte Ltd, has entered into exclusive negotiations to acquire the Fos-sur-Mer refinery and the Toulouse and Villette ...
14-04-2024
-
Cenovus Energy to invest in Toledo and Lima refineries
Canada's Cenovus Energy said it will spend more than $1.5 billion on its 160,000 b/d Toledo and 185,000 b/d Lima refineries in Ohio over the next five years and expand ...
11-04-2024
-
Kent plays integral role in Fawley petrochemical complex
Kent, a leading global engineering and project management company, is proud to announce its significant involvement in ExxonMobil's £800m investment in its Fawley Petrochemical ...
11-04-2024