June 28, 2013

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Article

Start-Up Refinery Expected to Bring 125 Jobs to Emery County

Press Release

June 28, 2013

Emery County — Emery Refining, LLC and the Governor’s Office of Economic Development (GOED), announced that the company will construct a facility in Emery County, expected to add 125 permanent new jobs to Utah’s refining industry within the energy economic sector over the next 3 years.

Emery Refining, LLC has entered into a 12-year incentive agreement with the state, during which it will pay over $99 million in new state wages to the 125 incented positions. These jobs are expected to pay at least 100 percent of Emery County’s average annual wage including benefits.

“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.

“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, the 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.

“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,” said Jeff Beicker, chief operating officer of Rock River Resources. “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 expects to 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.”

The GOED Board of Directors has approved a $12,712,221 Economic Development Tax Increment Finance post-performance refundable tax credit, or 20 percent of the new taxes paid by the company over the lifetime of the incentive.

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