MMEX Resources Corp. reaches agreement as part of plan for $450 million refinery
A new large-scale refinery is closer to becoming reality for West Texas.
On Tuesday it was announced that MMEX Resources Corp. had reached a $3 million equity agreement with Crown Bridge Partners, LLC as part of their plans to build a $450 million 50,000 BPD refinery near Fort Stockton.
It was also announced that MMEX will be building a 10,000 BPD crude oil refinery to help shorten the permitting timeline of their Pecos County project and allow for construction to begin sooner.
“Response to MMEX’s Pecos County Refinery project has been tremendously positive to date and we’re eager to begin construction and bringing new jobs to the region. This smaller-scale, initial refinery unit will significantly accelerate the permitting process for the project, while the equity commitment from Crown Bridge Partners, LLC will assist MMEX in financing project development costs on an as-needed basis,” said Jack W. Hanks, President and CEO of MMEX Resources in a release.
The plan for the multi-million dollar refinery was first
. MMEX Resources believes the construction process will create around 400 jobs in the area.