They will actually have two separate subsidiaries to operate the two separate operations--one for the Distillation Unit which will be under Pecos Refining (which already exists), and a separate subsidiary they will set up to operate the large refinery. So both will be subsidiaries of MMEX--meaning MMEX will own both, just be operated by the two separate subsidiaries individually. Hope this helps.
Note the S1 filing this month, page 43:
"The Company expects to operate the Distillation Unit through its subsidiary, Pecos Refining, and to operate the Large Refinery through another subsidiary set up for such purpose."