MMEX Resources Corporation (Trade Symbol: MMEX) is a company with resource development capabilities for global energy demand assets in the US and Canada. The management team of the company has the best experience in the natural resource project development in North and South regions of America. The present focus of the company is on Brazil, Peru and Texas. The areas of interest of the company are in potential development of refineries with oil and gas assets in Texas, Peru, Brazil and Latin America.
The company is looking for a refinery project in West Texas as there is a dire need for refinery in that region for processing the lighter crude. There is access to wholesale and retail US markets by operating in this region, including the parts relating to South America, Central America and Mexico. There is continuous supply of crude feedstock in Permian Basin.
Pecos County Refinery Project in Texas has a great location for the strategic business operations. The storage capacity is towards a higher level and there are many options existent for transporting the products. It was announced in the shareholder letter in April this year that a term sheet with international debt funding for technical department. The increased project construction costs in West Texas are requiring huge funds from the stock holders. There is a boom in cement, steel and construction worker rates in the Permian Basin region.
The company will continue to raise the equity funding for Phase 1 through private placements. The refining industry fundamentals have been encouraging in the present times. The take-away capacity of the crude pipelines from the Permian Basin to the Texas Gulf Coast is restrained to ship more crude oil. There is a push to start the construction and develop commercial operations by taking the benefit of the discounts being added to the purchase of feedstock. The location to refinery in Texas is helpful in the rain transport and it is the major advantage in getting the crude storage and transport facilities in the most desirable way. The ‘Energy Indicators’ report by the Federal Reserve Bank of Dallas has discussed the Texas and Permian Basin Rig Count, Spot Oil Prices, Midland Crude Prices, Texas Oil and Gas Employment and Permian Takeaway Capacity.
Jack Hanks, CEO & Director MMEX, has assured a positive response to the company’s progress. He has an experience in investment in Oil & Gas related assets in the United States. His experience with the degree in Petroleum Land Management from University of Texas has been a great help in making the career move. The strategic association of the company with VFuels was made by Mr. Hanks and he associated with the best partner for the modular processes. The strategic relation was meant for ensuring the construction of crude distillation in a timely way.
MMEX Resources Corporation is a development stage company engaged in the exploring, refining, distribution and extraction of O & G products. The scope of the company for shareholders is growing with its new power projects initiated in many parts of the US.