The Cushing Economic Development Foundation, Inc. and the City of Cushing, Oklahoma announced that Southern Rock Energy Partners, LLC (SREP) has selected Cushing as the site for its 250,000 BPD next-generation, full conversion crude refinery. The project is expected to have $5.56 billion in capital investment and supply 423+ full-time employees for operations.
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. The project will be constructed over a 36-month period beginning in 2024 with commercial operations beginning in 2027.
Total economic impact for the first decade of operations of the facility to the Cushing area and the state of Oklahoma is estimated to be more than $18 billion.
Geographically, Cushing is at the center of Oklahoma and the United States with quick access to Interstate 35, Interstate 44 and Interstate 40 allowing for transported goods to go north, south, east and west rapidly.
Cushing is the “Pipeline Crossroads of the World” for crude oil with approximately 100 million barrels of storage in the tank farms surrounding the community. Cushing is the delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams traded on the New York Mercantile Exchange. The city’s strategic position as a major hub in oil supply led to WTI’s development as a significant physical market price reference or benchmark for over three decades. Cushing is the most significant trading hub for oil in North America.