U.S.-Saudi Consortium Plans $5 Billion Gulf Refinery Outside Hormuz Amid Regional Tensions
A consortium of U.S. and Saudi companies, named MERA Oil, plans to build a $5 billion refinery in the Persian Gulf with a capacity of 200,000 barrels per day. The project, which includes Texas-based MWG Group, the Patel Family Office, and PWS (linked to Saudi AHQ Group), will also feature a deepwater port, storage, and export facilities. The site will be selected from three Gulf Cooperation Council locations, all outside the Strait of Hormuz. Future additions may include sustainable aviation fuel and carbon management. The announcement comes as Saudi Aramco's Jazan refinery was shut down after a Houthi attack, removing 400,000 bpd from global refining capacity. Repairs are expected to take until mid-August, worsening refined fuel supply shortages. Meanwhile, Russia has begun restarting refineries hit by Ukrainian drone strikes but maintains a diesel export ban.
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