MMEX Resources Corp. (MMEX), a development-stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, has announced an agreement with Crown Bridge Partners, LLC for an issuance of up to US$3 million of equity securities, as well as plans to build a 10 000 bpd crude distillation unit near Fort Stockton, Texas as an initial unit for the US$450 million, 50 000 bpd Pecos County refinery project announced by MMEX earlier this year.
Jack W. Hanks, President and CEO of MMEX Resources Corp., commented, “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.”
The permitting process for the large-scale, 50 000 bpd refinery, which will distribute its refined products in the Western US and Mexico, was originally projected to be 9 – 12 months. By beginning with a smaller-scale, 10 000 bpd refinery unit, MMEX expects to be able to obtain full permitting within 45 days after permits are filed.
The 10 000 bpd refinery project will require approximately 15 months of construction time and is expected to create jobs in Pecos County during fast-tract construction, including full-time positions going forward. These initiatives will accelerate the potential for cash flow while developing the large-scale refinery.
This is the latest in a series of project milestones MMEX has achieved since initially announcing the Pecos County refinery project in March.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14062017/mmex-resources-to-build-crude-distillation-unit/