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MMEX Resources Corp. Announces Strategic Relationship with VFuels on Construction of 10,000 Barrel-Per-Day Crude Distillation Unit in Permian Basin
6/26/17, 9:45 AM
AUSTIN, TEXAS , June 26, 2017 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), a development stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, today announced a strategic relationship with VFuels, a full-service design, engineering, and fabrication firm that specializes in the delivery of modular crude oil refineries, gas flare elimination processes, modular flow stations, and other modular process equipment.
Jack W. Hanks, President & CEO of MMEX Resources Corp., commented: “We are eager to get started on the construction of the smaller-scale, initial refinery unit as it will significantly accelerate the permitting process for the entire project and bring jobs to the Pecos County area more quickly. VFuels is a perfect partner for a fast start, modular project like this thanks to their strong industry experience, knowledge of the Texas market and a mastery of modular processes. This strategic relationship will ensure that the permitting and construction of our crude distillation unit will be completed in a timely manner.”
Under the agreement, VFuels will oversee the engineering, design and construction of the initial 10,000 BPD distillation unit, effective immediately. KP Engineering, who was announced as the EPC partner for the full-scale $450M unit earlier this year, will continue to oversee engineering and construction of the larger unit so that progress for both units can take place concurrently.
On June 13, MMEX announced plans to build a 10,000 BPD crude distillation unit in the Permian Basin near Fort Stockton, Texas, which will require approximately 15 to 18 months of construction time, following the receipt of necessary permitting, and is expected to create jobs in Pecos County during fast-tract construction, including full-time positions going forward. The company expects to be ready to file permits for the 10,000 BPD unit late next month and to obtain full permitting within 45 days of filing.
Cody Summerhays, Business Development Director of VFuels added, “VFuels is honored to be working with the MMEX team on Phase I of the MMEX Fort Stockton refinery. We believe very strongly in the idea of modularizing process equipment for projects with unique requirements such as the MMEX refinery. We also place great emphasis on teamwork with our clients and are happy to join forces on every aspect of the project development life cycle. It’s clear that MMEX has put together a very competent and ambitious team and we look forward to the collaborating very closely with them to deliver on budget, schedule and scope.”
The 10,000 BPD refinery project will be an initial unit for the $450M, 50,000 BPD Pecos County refinery project announced in early March. The state-of-the-art refinery, with plans to export crude oil, fuels and petroleum products to western Mexico and South America, would generate approximately 400 local jobs during peak construction and approximately 100 permanent jobs upon becoming fully operational. Construction is slated to begin in early 2018, following the permitting process, and the facility is projected to begin operations in 2019.
About MMEX Resources Corp.
MMEX Resources Corporation (MMEX) is a development stage company formed to engage in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power. MMEX focuses on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America. For more information about MMEX, visit www.mmexresources.com.
VFuels, LLC, is a full-service design, engineering, and fabrication firm that specializes in the delivery of modular crude oil refineries, gas flare elimination processes, modular flow stations, and other modular process equipment. VFuels’ design & fabrication headquarters is in Houston, Texas, with business development and project management in Lagos, Nigeria. VFuels expertise in the modularization of process equipment and unique project development and management capability allow VFuels to both supply process equipment and assist clients from a very early stage in the development cycle. VFuels has successfully delivered projects in West Africa, South America, and the United States. For more information about VFuels, visit www.vfuels.com.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, which could cause our actual results to differ materially from those described in the forward looking statements. These risks include but are not limited to general business conditions, the requirement to obtain financing to pursue our business plan, our history of operating losses and other risks detailed from time to time in the Company's SEC reports. MMEX undertakes no obligation to update forward-looking statements.
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Source: MMEX Resources Corp.