Emery Refining Invests $225 Million In Emery County, Utah, Crude Oil Refinery
Area Development Online News Desk (07/01/2013)
Emery Refining plans a capital investment of more than $225 million to construct a crude oil refinery facility in Emery County, Utah, creating 125 jobs during the next 3 years.
“One of the key parts to keeping Utah’s business sector successful is fostering small businesses, so we are happy that the state is able to enter into an incentive agreement with Emery Refining,” Governor’s Office of Economic Development executive director Spencer Eccles said.
As an incentive, the Governor’s Office of Economic Development Board of Directors approved a $12,712,221 Economic Development Tax Increment Finance post-performance refundable tax credit, or 20 percent of the new taxes paid by the company over the lifetime of the incentive.
Emery Refining entered into a 12 year incentive agreement with the state during which they will pay over $99 million in new state wages to the 125 incented positions. During the incentive’s 12 year lifetime, Emery Refining will make a capital investment of over $225 million. It is also anticipated that the company will pay over $60 million in new state tax revenue over the lifetime of the agreement.
“This project represents a substantial amount of investment into our state in support of energy development which is one of the governor’s four cornerstones of economic prosperity,” said Cody Stewart, Governor’s Energy Advisor. “This will assist with rural job creation in both the Paradox and Uinta basins.”
Emery Refining was formed and funded by Bridgehouse Capital. Rock River Resources, a Houston-based division of Emery Refining, will design, construct and operate the refinery that will process regional crude oils.
Jeff Beicker, Chief Operating Officer of Rock River Resources, said “This refinery is an investment in the future of Utah – putting people and technology to work to meet the future energy needs of the state and the region. We appreciate the support of the state and local community leaders who have worked closely with us over the past three years and we look forward to breaking ground later this year."
Mike McCandless, Emery County Economic Development Director, said “Emery County has been working for nearly a decade to bring industrial development into Green River. This project is the culmination of that effort. The county and city leaders have worked diligently to prepare the community for this project and now we are all ready to see it happen. This project is a game changer for Green River and will be a positive influence in the community for decades. This will positively affect every aspect of the Green River community from tax base to employment to overall community pride.