MMEX Resources acquires land for refinery project

Jack W. Hanks, President and CEO of MMEX Resources Corp., said: “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 authorise 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 new crude distillation unit will be a companion to the Phase II US$450 million, 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.

Read the article online at: https://www.hydrocarbonengineering.com/refining/01082017/mmex-resources-acquires-land-for-refinery-project/