Posted on 11/20/2017 6:46:22 AM PST by mandaladon
The first oil refinery to open in the U.S. in 40 years breaks ground in west Texas.
The MMEX Resources Corporation’s $50 million project is set to be built in Pecos County.
The area holds a significant crude oil supply, and is also railroad accessible.
It will be developed in two phases, and is expected to create hundreds of jobs.
Once it is completed, the 126 acre refinery will be able to process 10,000 barrels of crude oil each day.
Meanwhile, officials plan to file permits for a second unit that would be able to produce 100,000 barrels.
The first phase of the project is expected to be completed by the end of 2018, and will take up 15 acres.
The Texas Commission on Environmental Quality has already given the green light to start the project.
With the expansion of crude oil production in the region, economic growth is expected to follow.
(Excerpt) Read more at oann.com ...
THIS is some seriously good news. I’m quite certain it would NOT have happened under the regime of the Hildebeeste.
I thought this was impossible.
The high price of refinery-company stocks is in part due to their having a monopoly, as it is very difficult to get the EPA permits to open a new refinery. This might impact the industry.
I didn’t think we’d ever have a new refinery.
Pickles would have had the majority of what’s left shut down. There has to be some fuel for the limos, yachts, and private jets of the politburo.
Great news. Refining capacity has been such a bottleneck for so long.
$50 million for a refinery???
When my former church did an expansion 17 years ago, it cost $100 million.
High schools today cost more than $50 million.
The BP Whiting modernization project cost $8 BILLION,
For essentially half the refinery.
While the number of oil refineries has been reduced, I’m told the capacity of the larger units has increase over the years...
Upon further research, MMEX seems to be a tiny company traded on the OTC market. It looks like they were formed by a reverse-shell merger in 2010. They have billions of shares of stock outstanding, but it is trading at 1.6 cents a share.
The latest SEC registration filing explains a lot about the corporate structure and financials:
https://www.sec.gov/Archives/edgar/data/1440799/000147793217005370/mmex_s1a.htm
The eco-nut cases will keep it tied up in court for so long the owners will simply quit.....................
Good news everything is going to become less expensive.
10,000bbd is literally a drop in the bucket.
Yes, a really small facility. The recent upgrade in Port Arthur refinery in 2012 was $500M.
#Winning #covfefe
Get something small built and then permits for expansion are easier to get approved in the future.
$450 mil project
What about the new refinery that opened in the Dakotas a couple years ago to process Bakken crude?
Awesome! Refineries have been a bottleneck for two long.
Move that oil south man move that oil south.
snip
MMEX opened an office in Fort Stockton, where it plans to hold a groundbreaking ceremony
on Nov. 17. Earlier this year, Hanks announced that the company would build the refinery
in two phases. The first phase is to build a crude distillation unit, which would undergo
a shorter review process for environmental permits, and the second phase is for a full-scale
refinery capable of exporting products to Mexico.
Meet a penny stock company with big plans in West Texas
https://www.bizjournals.com/sanantonio/news/2017/10/19/meet-a-penny-stock-company-with-plans-to-build-a.html
Yep. Either a micro refinery or that $50 million covers the design phase.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.