The first steps to MMEX Resources Corp.’s plans in making a $450 million refinery in Pecos has be done as the company reported a stock deal that would assist in the plan. According to the company’s SEC filing, MMEX will be placing a 7 billion share of stocks to purchase the rights to the refiner from Maple Resources USA, a sister company of MMEX. The facility is expected to help produce up to 50,000 barrels of crude oil per day once the refinery is completed.
MMEX has already issued 1.5 billion shares of stock to Maple on March 4 as part of their payment for the refinery rights with the remaining stocks on review by a third-party.
Read more about this here: Austin oilman takes financial first steps toward building $450M West Texas refinery