MERA Oil Refinery Aims to Ease Gulf Fuel Supply Crunch with $5 Billion Project
A consortium of American and Saudi companies is planning to build a new refinery in the Persian Gulf. The project, named MERA Oil, is expected to cost $5 billion and process 200,000 barrels of crude oil per day.
The partners are evaluating three possible sites within the Gulf Cooperation Council, with the chosen location outside the Strait of Hormuz as stated by the consortium.
On top of the refinery itself, the project will include a deepwater port, storage capacity, and export facilities. At a later stage, the complex could add sustainable aviation fuel processing and carbon management capabilities.
The shutdown of Saudi Aramco's Jazan refinery due to a strike by Yemeni Houthi forces is expected to worsen an already tight supply situation for refined fuels.