Construction of a $181 million refinery in Rusk County could begin this fall.
Gregg County Refining has received notification that the refinery project, which has been under development for more than a year, has been designated for funding under the Hurricane Ike Disaster Area Bond Program.
“We feel like it will have a tremendous economic impact on our county,” said Rusk County Judge Joe Hale. “We’re excited and pleased to learn that the refinery expects to begin construction soon.”
The Angelina & Neches River Authority (ANRA) is the conduit bond issuer for the Gregg County Refinery, which will be built about a mile southeast of New London in West Rusk Consolidated ISD.
Tommy Alexander, superintendent of the school district, said the refinery would have a “breathtaking” economic impact on his district.
“The effect on the school district will be enormous,” Alexander said. “We expect it to increase our tax revenue by about $4.5 million annually once it’s up and running.”
The project owners have been working with ANRA, Rusk County, West Rusk ISD and Henderson Economic Development Corp. officials to facilitate development of the project.
It has received broad support from the New London community as well as state and local elected officials.
The project includes construction of all the facilities required to refine up to 30,000 barrels per day of light sweet crude. It will produce all types of gasoline and diesel fuel.
The refinery is expected to employ up to 375 people during construction and about 85 full-time employees once it goes online.
Construction is expected to begin within the next few months and be completed by the end of 2014.