MMEX Resources Corp (MMEX)

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MMEX Resources Corporation announced Tuesday that it plans to build a $450 million crude oil refinery near Fort Stockton, with 50,000 barrels per day capacity. Beginning the 18-month-long anticipated construction of the plant will, of course, depend on obtaining necessary Texas Commission on Environmental Quality (TCEQ) permits, as well as necessary financing.

According to MMEX President and CEO Jack W. Hanks in an interview Tuesday, however, they see permitting as the bigger hurdle. “We’re confident about the financing. You don’t release information like this until you’re ready, and we don’t believe there will be any issues in getting the needed financing.” Permitting, however is a different story. “We will only be dealing with TCEQ, within the state of Texas. Lobbying for permits just doesn’t work. You have to do the environmental studies, get it all together.”