June 10, 2019
MMEX Resources says it has new agreements with unnamed partners to buy the company’s marine fuel and provide product movement.
Ft. Stockton-based MMEX has announced the building of a refining plant in the Permian Basin, and its President and CEO Jack W. Hanks said one of the two unnamed partners “is with a super-major international energy and trading company to purchase our IMO 2020 compliant marine fuel — and the other is with an international company to provide logistics to move our future products from the West Texas Permian Basin to the Texas Gulf Coast markets by rail.”
And according to Hydrocarbon Engineering, Hanks doesn’t name the fuel oil trading company, but added that it has a “call on any expansion and future production, which gives us the incentive to start planning expansion.”
MMEX in February announced a Permian refinery, the first phase of which is estimated to cost about $93 million.
The company has been working to raise equity needed to get the project going.