MMEX Resources Corp. Purchases Land for Pecos County Refinery Project
MMEX Resources Corp has purchased 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.
“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,” Jack W. Hanks, President and CEO of MMEX Resources Corp., said. “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 company’s planned 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 facility.
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.
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