A $5 billion refinery with 200,000 barrels per day capacity will be built by a U.S.-Saudi consortium in the Persian Gulf.
A U.S.-Saudi consortium plans to construct a $5 billion refinery in the Persian Gulf, targeting a daily capacity of 200,000 barrels of crude oil. The project, led by MERA Oil, includes partners such as Texas-based MWG Group and Saudi AHQ Group’s PWS.
The facility’s cost and scale align with recent regional investments, though site selection remains underway among Gulf Cooperation Council locations. The project proceeds despite geopolitical tensions in the area.
No immediate market reaction was reported following the announcement.