MMEX Resources Partners With KP Engineering To Design, Build Crude Oil Refinery In Permian Basin
March 28, 2017
TYLER, TEXAS – 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, and KP Engineering (“KPE”), an energy industry leader in engineering, procurement and construction (EPC) solutions, announced today a partnership for KPE to engineer, design and construct the planned Pecos County refinery announced by MMEX earlier this month.
Jack W. Hanks, President & CEO of MMEX Resources Corp., commented: “Plans for the Pecos County refinery are progressing smoothly and rapidly, and the selection of KPE as the project’s EPC contractor is an essential first step to beginning the project. With their strong industry experience, knowledge of the Texas market, scalability and agility, KPE is an ideal partner for MMEX on this project.”
On March 7, MMEX announced plans to build a crude oil refinery in the Permian Basin near Fort Stockton, Texas, subject to the receipt of required governmental permits and completion of required debt and equity financing. The state-of-the-art refinery project, 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.
“We are humbled that MMEX Resources has chosen KPE to assist them in constructing a state-of-the-art crude processing and transport facility for the Permian Basin,” said Brandon T. Steele, Chairman and CEO of KP Engineering. “KP Engineering employs some of the finest professionals in the industry and we are excited to be working alongside MMEX Resources Corp. as their EPC firm on this important project and look forward to commencing work immediately.”
MMEX and KPE also announced today that KPE plans to subcontract with Interstate Treating, Inc./RAMA Fabrication, Inc. of Odessa, Texas to engineer and fabricate vessels and process modules for the refinery, allowing for the Pecos County refinery to be constructed using U.S.-sourced materials and equipment.
Hanks concluded: “MMEX Resources is committed to delivering an American-made, state-of-the-art refinery that brings significant economic and job opportunities to the Permian. We’re proud to work alongside KP Engineering, Interstate Treating/RAMA and the Pecos County community to bring the Pecos County refinery to life.”
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.
About KP Engineering KP Engineering, LP, based in Tyler, Texas, provides value-based EPC solutions to clients in the refining, midstream, petrochemical, and syngas industries. KPE combines technical expertise and deep experience with an integrated engineering and project management approach to deliver cost-effective projects to markets such as domestic refiners, natural gas processors, chemical manufacturers, and terminal and pipeline owner-operators. KPE provides a full range of EPC services and specializes in fixed-price contracting. For more information about KPE, visit www.kpe.com.
About Interstate Treating/RAMA Fabrication Interstate Treating/RAMA Fabrication, based in Odessa, Texas, manufactures ASME code vessels and modular process plants for natural gas treating and oil refinery applications. ITI/RAMA technical expertise combined with state of the art manufacturing and design capabilities has provided the oil and gas industry with high quality process solutions on schedule-critical projects for over 40 years. For more information about Interstate Treating, visit www.InterTreat.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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