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Clean fuels developer in negotiations to finance West Texas projects

MMEX is in negotiations with international banks to raise capital for green and blue ammonia projects as well as a clean fuels refinery in West Texas.

MMEX, a developer of clean fuels projects, is talking with international banks to raise debt and equity for green and blue ammonia projects as well as a clean fuels refinery in West Texas.

Fort Stockton, Texas-based MMEX is seeking to advance both green and blue hydrogen projects on the same site in Pecos County, with the green hydrogen project expected to cost between $850m – $900m at “2x capacity,” according to a company presentation.

Meanwhile, estimated capex for the blue hydrogen project is $1.25bn, according to a separate presentation.

MMEX, which is led by oil industry veteran Jack Hanks, recently tendered to provide 209,300 tons of green ammonia, equivalent to 25,000 tons of delivered hydrogen, to an oil major and chemical company. The green hydrogen would be produced on site and transported via rail to Corpus Christi.

MMEX has partnered with TotalEnergies to provide solar power for both the green and blue projects. 

For the green hydrogen project, MMEX says it would install seven Siemens Sylizer electrolyzers rated at 17.5 MW each, producing 55.4 tons of green hydrogen, or 209 tons per day of ammonia.

The company estimates a 24-month construction to COD timeline from financial close for the green hydrogen project.

The blue hydrogen project, with an estimated 30-month construction timeline, would produce 450 tons per day via Topsoe auto thermal reformer. 

Additionally, MMEX is seeking to construct a clean fuels refinery which would take in crude oil and produce gasoline and ultra-low-sulfur diesel.

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