- MMEX has signed agreement to purchase additional 324 acres in Pecos County Texas and commences detailed engineering study for its clean fuels with carbon capture project
FORT STOCKTON, 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, today announced it has signed project agreements to advance its first hydrogen and clean fuels with carbon capture projects along with expansion of its site in Pecos County, Texas.
Jack W. Hanks, President and CEO of MMEX Resources Corp. said, “We are expanding our footprint in Pecos County, Texas to accommodate our solar-powered clean energy projects which include potential production of hydrogen and ultra-low sulfur transportation fuels, both with carbon capture technology. We have signed an agreement to purchase an additional 324 acres adjacent to our existing 126 acre site. This will allow us to implement potentially all four process components: solar power, production of hydrogen, clean transportation fuels, and carbon capture.”
Hanks continued, “Our potential footprint of 450 acres allows expansion of our projects to include more hydrogen production, common rail and truck facilities and a solar complex with carbon capture. We are also announcing today, the commencement of our detailed engineering study with Polaris Engineering with its proprietary “UltraFuels® 2 Plus process,” to utilize the light crude oil and condensates from the Permian Basin to produce finished products of ultra-low sulfur diesel, gasoline, and IMO 2020 compliant marine fuel oil along with carbon capture from all major CO2 sources. The detailed engineering study is the first step leading to our potential financing.”
Gerry Obluda, Principal of Polaris Engineering added, “We are very excited to join with MMEX to put this Clean Energy initiative in motion. Our detailed engineering and cost study now underway puts into focus our UltraFuels® Plus Clean Energy process with a 95% reduction of traditional emissions along with carbon capture.”