CUSHING, Okla. (KFOR) – A next-generation, full conversion crude refinery is coming to the Pipeline Crossroads of the World.
“Oh, it’s big,” said Bruce Johnson, the director of the Cushing Economic Development Foundation. “It’s big for the state of Oklahoma. It’s big for the United States. Locally, it’s big.”
On Wednesday morning a Texas-based company, Southern Rock Energy Partners (SREP), revealed it’s picked Cushing for the refinery’s site. It’ll process 250,000 barrels of light crude per day.
“Our novel approach is we use hydrogen and oxygen as a fuel source which eliminates a significant amount of emissions, up to 95%,” said Steven Ward, the Managing Member for SREP.
“The refinery complex will reduce and eliminate 95% of greenhouse gas emissions while producing approximately 91.25 million barrels or 3.8325 billion gallons annually of cleaner transportation fuels including gasoline, diesel, and jet fuel from crudes sourced domestically from the Anadarko, Permian, Denver and Julesburg, and Bakken Basins,” according to a Cushing Economic Development Foundation press release.
Negotiations for where exactly in Cushing the refinery will be located are still underway.
Ward told KFOR that Cushing was the “most advantageous” of the five locations considered.
“Cushing is the epicenter of the crude world in the United States,” said Ward. “There is a network of pipelines and distribution systems throughout the Midwest.”
It looks like the refinery will certainly bring some advantages to Cushing as well, creating hundreds of jobs.
“There’ll be 423 employees averaging wages over $93,000 a year and then we’ll have a capital investment of $5.56 billion,” said Johnson.
Additionally, Johnson says there will be around 1,250 temporary employees during the three years of construction.
Johnson added that the refinery will have an economic impact of over $18 billion in 10 years.
“Cushing has a rich history of refining in oil and this just will further add to that tradition and legacy,” said Ward.
Construction is set to begin in 2024. Commercial operations are planned to start in 2027.