Add as a preferred source on GoogleMorgan Stanley Leads Fundraising for Planned Brownsville Refinery
The proposed facility is designed to process about 60 million barrels of U.S. light shale oil a year. The amount sought in the current raise has not been disclosed.
America First Refining is seeking equity and debt for a planned Texas refinery, with Morgan Stanley leading the effort, Chief Commercial Officer Tom Ramsey said at an Oct. 15 conference.
Morgan Stanley was raising capital “as we speak,” Ramsey said. The amount sought in the current fundraising has not been disclosed.
The project is planned for the Port of Brownsville and is designed to process about 60 million barrels of U.S. light shale oil a year. Its planned output includes gasoline, diesel and jet fuel.
America First Refining announced in March that it had received a nine-figure investment from an unnamed global supermajor in February, at a 10-figure valuation. The company also announced a binding 20-year offtake term sheet with the investor.
The company describes the project as the first new major U.S. refinery in 50 years. A 45,000-barrel-per-day refinery in Galveston began operating in 2022. The newest U.S. refinery with significant downstream capacity dates to 1977, when a facility in Garyville, Louisiana, came online.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.