Morgan Stanley Leads Fundraising for Planned Brownsville Refinery

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.

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