MMEX is starting detailed engineering for it refinery project in Pecos County. The step follows the company's Sept. 17 announcement of its selection of debt and equity sources for financing the $105 million first phase of the project.
“We will get the detail engineering started,” Jack W. Hanks, President & CEO of MMEX Resources Corp. told The Pioneer. “That gets down to how many inches of pipe, a detailed analysis. Once you have detailed engineering drawings, you order the order equipment.”
Hanks said that 40 to 50 percent of the financing is equity – including about $5 million in MMEX funds – with the remainder coming through debt.
The company is working to finalize the finance agreements.
“Completion of the funding is dependent upon final agreements,” Hanks said in a press release. “As previously announced, we have entered into off-take agreements to market our refined products including diesel, naphtha and residual fuel oil meeting the International Maritime Organization 2020 marine fuel regulations. As we build out Phase 1 and Phase 2 and the related infrastructure, we expect to be processing about 20,000 barrels per day of crude oil in Pecos County in two separate crude distillation units.”
Please see our Sept. 19 print and e-edition for more on this story.