Company gets state incentive for Uintah County asphalt plant’s transformation to oil refinery
A company that has specialized in producing asphalt will transition to refining Uinta Basin waxy crude oil, creating 40 high-paying jobs in Uinta County.
The announcement came after the Governor’s Office of Economic Opportunity board, at its January meeting, approved a tax credit incentive for the project for Integrated Rail and Resources Inc., which expects to spend $87.5 million over six years on the project.
IRR is the result of Integrated Rail and Resources Acquisition Corp., a special purpose acquisition company formed in 2021 to merge with or acquire another business in the North American railroad and bulk commodity sectors. That company announced in 2024 a business combination agreement with Tar Sands Holdings II LLC, which owns refining and real estate assets and mineral rights.
IRR has acquired the Crown Asphalt Ridge Oil Sands Processing Plant near Vernal and will transform it from an asphalt production operation to a refinery capable of processing Uinta Basin waxy crude oil into petroleum products like diesel and gasoline.
Mark Michel, the company’s chairman, said a second project phase will take place starting next year, adding refining production of 35,000 to 50,000 barrels per day.
“We’re looking to become one of the largest refining operations in Utah that is really centered there in the Uinta Basin, where crude oil is very prevalent and prominent” and be involved in other work that will boost overall basin economic development, he told the GOEO board.
“We’re here to grow and really open up a lot of captive and stranded resources that are found in that northeast Utah region,” he said.
The GOEO board approved a rural tax credit of up to $1.4 million over six years. The project is expected to result in $26.5 million in new wages and new state tax revenue over more than $2.7 million during that time. The new jobs are expected to pay average wages of $112,614.
“We’re excited to see what you will continue to do down there in the basin and hopefully we’ll see you again” for another future project expansion incentive, Jesse Turley, chairman of the GOEO incentives committee, told Michel.
In a news release, Michel said the company chose Utah “not only to establish our operations and enhance our ability to refine and market high-demand products, but because it represents a meaningful step forward in our efforts to create long-term value by supporting the Uinta Basin.”
“By leveraging critical infrastructure in northeastern Utah, we are unlocking stranded and captive resources and enabling access to new markets and opportunities that were previously unavailable due to logistical constraints,” he said. “This effort is about more than infrastructure. It is about helping the Uinta Basin, and the state of Utah, reach its full potential by creating high-quality jobs and ensuring Utah’s global leadership in energy and logistics for generations to come.”
“Strengthening our rural infrastructure is foundational to Utah’s long-term economic stability,” said Jefferson Moss, GOEO executive director, said in the release. “This investment in Uintah County reinforces the Uinta Basin’s role in driving shared prosperity across our state. By modernizing our railway and resource sectors, we are creating high-quality jobs and ensuring Utah remains a global leader in energy and logistics for generations to come.”
The Uintah County Commission expressed support for the project.
“This investment is a strong vote of confidence not only in Uintah County, but in Utah’s broader economic future,” it said. “It will create good-paying, local jobs that directly benefit the community while supporting our goals of economic diversification and sustainable growth. What is especially exciting are the impacts that will extend beyond Uintah County — strengthening our domestic energy capabilities, local supply chains, workforce opportunities, and economic resilience across the state.”
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with GOEO, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.