U.S.-Saudi Consortium Plans $5 Billion Gulf Refinery Outside Hormuz
Houthis Claim Attack on Saudi Oil Tanker in Red Sea What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… 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 hasreported.
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.
Besides a refinery, the project will also feature a deepwater port, storage capacity, and export facilities, the report said.
The location will be outside the Strait of Hormuz, the consortium said.
At a future date, the complex may add sustainable aviation fuel processing capacity and carbon management facilities, Reuters also said in its report.
Earlier this week, Saudi Aramcohad to shut downits Jazan refinery, removing 400,000 barrels daily from global refining capacity, following a strike by the Yemeni Houthis.
The attack took place Saturday, and video verified by Reuters showed a large plume of smoke rising from the refinery.
Houthi military spokesman Yahya Saree said the group also struck Aramco facilities in Yanbu.
Saudi Aramco has not commented on the damage or restart schedule.
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