Energy is getting a bit more refined in Utah. Today, along with the Governor’s Office of Economic Development (GOED), Emery Refining, LLC announced that it will construct a facility in Emery County, Utah and will add 125 permanent new jobs to Utah’s refining industry within the energy economic sector over 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,” GOED executive director Spencer Eccles said.
Emery Refining, LLC has 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. These jobs will be at least 100 percent of Emery County’s average annual wage including benefits.
“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, LLC was formed and funded by Bridgehouse Capital, the family office and advisor to a number of family funds with investments in a number of industries such as commercial and residential real estate, power generation, data centers, and natural resources. Rock River Resources, LLC, a division of Emery Refining, LLC will design, construct and operate a facility in Emery County that is ideally suited for processing regional crude oils.
Jeff Beicker, Chief Operating Officer of Rock River Resources, said “Rock River Resources is pleased to announce its project in Emery County, Utah. 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.”
During the incentive’s 12 year lifetime, Emery Refining will make a capital investment of over $225 million. It is anticipated that the company will also pay over $60 million in new state tax revenue over the lifetime of the agreement.
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.”
The GOED Board of Directors has approved a $12,712,221 Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit, or 20 percent of the new taxes paid by the company over the lifetime of the incentive.