Commodities
$5 Billion Gulf Refinery Planned as Tensions Mount
A consortium of US and Saudi companies is building a new refinery in the Persian Gulf, despite ongoing tensions in the region. The $5 billion facility will have a daily capacity of 200,000 barrels of crude oil and feature a deepwater port, storage capacity, and export facilities.
The partners, dubbed MERA Oil, are currently selecting one of three possible locations from the Gulf Cooperation Council countries. The location will be outside the Strait of Hormuz, according to the consortium.
The facility may add sustainable aviation fuel processing capacity and carbon management facilities in the future, but no timeline has been announced.