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

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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.…

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