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Dallas-based startup Element Fuels Holdings announced on Thursday that it is relaunching efforts to construct a groundbreaking oil refinery in South Texas. This project, proposed by entrepreneur John Calce, aims to be the first all-new U.S. oil refinery in nearly half a century.

Element is currently seeking funding for the initial phase, which will enable the refinery to process approximately 50,000 to 55,000 barrels per day of naphtha feedstock into gasoline. With an estimated cost of $1.2 billion, the company is in discussions with banks, private credit funds, and the U.S. Department of Energy to secure funding from the Inflation Reduction Act.

While this is not the first attempt at constructing this refinery, previous endeavors led to bankruptcy filings. However, Element Fuels Holdings remains determined to succeed where others have faced setbacks. John Calce, the CEO of Element Fuels, expressed confidence in the project’s potential for success.

The planned refinery will primarily process U.S. shale oil extracted from West and South Texas. This strategic location will ensure a steady supply of feedstock and enable the refinery to contribute to the country’s energy independence.

The construction of a new oil refinery in South Texas marks a significant milestone for the U.S. energy industry. It not only presents an opportunity for job creation and economic growth but also emphasizes the nation’s commitment to domestic energy production. Element Fuels Holdings is poised to play a crucial role in advancing the country’s energy infrastructure and meeting its growing demands.