U.S.-Saudi Consortium Plans $5 Billion Gulf Refinery Outside Hormuz

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A US-Saudi consortium named MERA Oil plans to build a $5 billion refinery in the Persian Gulf with a capacity of 200,000 barrels per day. The consortium comprises several companies from Texas and Saudi Arabia, and is currently choosing among shortlisted Gulf Cooperation Council locations for the facility despite regional tensions.

A consortium of U.S. and Saudi companies is set to build a new refinery in the Persian Gulf despite the current situation in the region. The facility will have a price tag of $5 billion and a capacity of 200,000 barrels of crude oil daily, Reuters has reported. The consortium, dubbed MERA Oil, includes Texas-based MWG Group, the Patel Family Office, and PWS, a company associated with Saudi AHQ Group. The partners are currently selecting the site of the new facility, with a short list of three possible locations from the Gulf Cooperation Council.…