$5 Billion Refinery Project Gains Momentum in Persian Gulf Amid Iran War Disruptions

The MERA Oil consortium of US and Saudi Arabian companies is accelerating plans for a $5 billion integrated refinery and export corridor in the Persian Gulf. The project aims to boost regional energy infrastructure, which has been disrupted by the ongoing Iran war.

The consortium has narrowed down site selection to three locations within the six-nation Gulf Cooperation Council bloc. A preferred host is expected to be confirmed by the end of 2026.

The refinery will have a capacity of 200,000 barrels per day and will be linked to deepwater port infrastructure, large-scale storage of crude and refined products, and marine export facilities.

MERA Oil said the planned project is located outside the Strait of Hormuz and aims to provide an export platform with direct access to international shipping routes. The consortium is engaged in talks with feedstock providers, with definitive arrangements expected to progress alongside the final site decision.