Saudi-US Consortium Unveils $5 Billion Gulf Refinery Plans Amid Regional Tensions

A consortium of US and Saudi companies has announced plans to build a new refinery in the Persian Gulf, despite ongoing tensions in the region. The $5 billion facility will have a capacity of 200,000 barrels of crude oil daily and feature a deepwater port, storage capacity, and export facilities.

The consortium, dubbed MERA Oil, includes Texas-based MWG Group, the Patel Family Office, and PWS, associated with Saudi AHQ Group. The partners are currently selecting the site for the new facility from three possible locations in the Gulf Cooperation Council states.

The refinery will be built outside the Strait of Hormuz, according to the consortium. At a future date, the complex may add sustainable aviation fuel processing capacity and carbon management facilities.