Global energy company MMEX Resources has plans to develop a $450m crude oil refinery in the West Texas Permian Basin.
This plan is subject to receipt of government approval and completion of required debt and equity financing.
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The proposed Pecos County refinery is expected to have the capacity to process 50,000 barrels of crude oil per day.
MMEX Resources president and CEO Jack W. Hanks said: “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.”
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By GlobalDataThe 250-acre facility will be located 20 miles north-east of Fort Stockton in Texas.
This refinery will be able to utilise the existing railways to transport petroleum products to different parts of the country, as well as export to Western Mexico and South America.
The company intends to procure additional 250 acres land surrounding the Pecos County refinery and utilise the latest emissions technologies that have minimal environmental impact.
The refinery will also have closed-in water and air-cooling systems.
MMEX expects to commence construction early next year after securing all necessary approvals.
The refinery is anticipated to start operations in 2019.
The 18-month construction process will create nearly 400 jobs in the area during peak period.
Once operational, the oil refinery will employ around 100 people in permanent positions.
