It’s been decades since an oil refinery was built in Texas, but that’s about to change. For the first time in 40 years, construction on a new Texas refinery is now closer to beginning.
Austin-based MMEX Resources Corp. announced on Monday it has closed on the purchase of a piece of land in West Texas where the company plans to build a 15-acre, crude distillation plant that could produce several thousand barrels of oil per day.
Another company, Woodlands-based Raven Petroleum, has similar plans. It intends to open a refinery east of Laredo.
David Hunn, a reporter for the Houston Chronicle, explains why these new projects are popping up while many say the world may be reaching peak demand for oil.
Written by Rachel Rascoe.