$5 Billion Methanol Project Aims to Bypass Strait of Hormuz

A $5 billion methanol refining and petrochemical project is nearing completion in the Gulf Cooperation Council (GCC) region, aiming to bypass the Strait of Hormuz. The MERA Oil consortium, a joint venture between US-based MWG Enterprises, Patel Family Office, and Saudi AHQ Industrial Group's subsidiary PWS, has entered its final stage of site selection.

The project involves building an integrated refinery that can process 200,000 barrels of crude oil per day, with a focus on producing high-quality middle distillates such as ultra-low sulfur diesel and aviation kerosene. The energy complex will also include storage, logistics, and export infrastructure to enable direct shipment of refined products to global markets.

According to Marc Gunderson, founder of MWG Enterprises, the project relies on long-term structural changes in the energy market, rather than short-term fluctuations in refining margins. The consortium aims to supply products to the US, the Atlantic coast, and other refined product import markets, while balancing transportation economic benefits.