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MMEX sources $340M potential financing to build Permian refinery projects

Development stage company MMEX Resources Corp. selected debt and equity sources for $340 million in potential project financing to build its refinery projects and terminals in the Permian Basin.

President and CEO Jack Hanks said the company will proceed to fund, in stages, two crude distillation units and related infrastructure in Pecos County, Texas, and terminals on the Texas Gulf Coast. However, funding completion still depends on final agreements.

The CEO said that to compress the construction period by several months, the company asked its engineering, procurement and construction companies to begin detailed engineering.