MMEX Resources Corp. Receives TCEQ Permit to Construct Solar Powered UltraClean Refining Complex with Carbon Capture

Rhea-AI Summary

MMEX Resources Corp. has received certification from the Texas Commission on Environmental Quality for its Pecos County UltraClean Refinery, which will produce ultra-low sulfur fuels while implementing carbon capture technology. The refinery's production capacity has been increased from 10,000 to 11,600 barrels per day. With the completion of the front-end engineering and design phase, MMEX is positioned to move forward with financing and construction. This marks the first refinery project in the U.S. authorized under the Permit by Rule.

Positive

• Approval from TCEQ for construction of UltraClean Refinery.
• Increased production capacity from 10,000 to 11,600 barrels per day.
• Successful completion of front-end engineering and design phase.
• Potential for reduced greenhouse gas emissions compared to existing refineries.

Negative

• None.

MMEX technology partner, Polaris Engineering, to employ its patented process to produce ultra-low sulfur fuels with carbon capture

FORT STOCKTON, TEXAS, Feb. 22, 2022 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), a development-stage company focusing on planned hydrogen and ultraclean fuel projects with carbon capture, announced it has received on February 18, 2022, the approval of the Texas Commission on Environmental Quality (TCEQ) to build its Pecos County, West Texas UltraClean Refinery project.

Jack W. Hanks, President and CEO of MMEX Resources Corp., said, “We announced on December 8, 2021 that along with Polaris Engineering, we had completed significant milestones on the technology timeline for our UltraClean Refinery project. Along with Polaris, we have now completed 100% of the front-end engineering and design package. With the guidance of Trinity Consultants and Polaris Engineering we filed our application with TCEQ and received approval on February 18, 2022 to build and operate the complete facility. In addition, we have signed letters of intent with an international trading company to supply the crude oil and to purchase the finished products from the refinery. Achieving these significant milestones have allowed us to move forward with planned financing and commercial arrangements.”

Hanks continued, “This is the first greenfield refinery project implementing carbon capture in the United States to be authorized through Permit by Rule. This planned facility is projected to reduce substantially Greenhouse Gas and Criteria Pollutants compared to existing US oil refineries on a per barrel basis. The refinery has expanded production estimates from 10,000 bpd to 11,600 bpd.”

As noted in MMEX’s July 29, 2021 announcement, we are able to expand the ultraclean fuels product flexibility with the facility being slated to produce finished transportation grade ultra-low sulfur diesel; 87 Regular, 87 Clear, and 93 Premium grades of gasoline, readily available to our market on Interstate 10, the "transcontinental" highway traveling thru eight states from coast to coast. Our rail capacity is expected to allow us to reach Texas Gulf Coast and western U.S. markets to take advantage of clean fuels mandates and price advantages.

Gerry Obluda, Principal of Polaris Engineering, the technology provider, EPC and O&M of the UltraClean project added, “As noted in the December 8, 2021 announcement, Polaris has been awarded the patent for our process which we have worked on for the past four years. We have now completed the MMEX front end engineering and design study which gives us the detailed engineering and project cost of the project for financing. With the milestone of the TCEQ permit approval we can commence construction as soon as MMEX issues the notice to proceed.”

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About MMEX Resources Corp.

MMEX Resources Corporation (MMEX) is a development stage company formed to engage in energy industry infrastructure projects. Leveraging its management and business relationships from the traditional energy sector, MMEX is currently engaged in developing planned projects to produce hydrogen and ultra-low sulfur fuel products combined with CO2 capture. MMEX is also engaged in the development of solar power for distribution to its planned projects. For more information about MMEX, visit www.mmexresources.com.

About Polaris Engineering

Polaris Engineering is a full-service provider of engineering, procurement and construction for heavy industries around the world. Polaris Engineering has been operating for over 25 years in the Industrial Hub of Southwest Louisiana. Our company was founded and prospers by offering process engineering consulting and EPC services. We have built success by helping our clients find innovative and cost-effective process solutions to their operating and debottlenecking challenges. This process expertise is still a source of pride for our company today. For more information about Polaris Engineering visit polarisepc.com and getultrafuels.com.

FAQ

What recent approval did MMEX receive regarding their refinery project?

MMEX received approval from the Texas Commission on Environmental Quality to build its Pecos County UltraClean Refinery.

What is the production capacity of the MMEX UltraClean Refinery?

The MMEX UltraClean Refinery is projected to produce 11,600 barrels per day.

What technology will be implemented at the MMEX refinery?

The MMEX refinery will utilize carbon capture technology to produce ultra-low sulfur fuels.

When was the TCEQ approval for MMEX's refinery received?

The TCEQ approval for MMEX's refinery was received on February 18, 2022.

What distinguishes MMEX's refinery project in the U.S.?

It is the first greenfield refinery project in the U.S. authorized through Permit by Rule, focusing on carbon capture.