From the Houston Chronicle
An old company with a new business model has now purchased land in West Texas and plans to build the first new Texas oil refinery in decades.
MMEX Resources Corp., a company that used to explore and produce oil and gas, closed on Friday on 126 acres in Pecos County near Fort Stockton for construction of a 15-acre, 10,000 barrel-per-day crude distillation plant.
It’s the second independent business looking to open a new refinery. Raven Petroleum, based in The Woodlands, has similar plans east of Laredo.
MMEX President Jack Hanks called the land deal “a major milestone” for the project. The company plans to file this week for environmental permits.
The distillation plant is just the first phase of MMEX’s plans to build a larger-scale, $450 million, 50,000-barrel-per-day refinery on the site. The company plans to buy 350 acres adjacent to the first 126 for the larger refinery.
