Mera Oil – comprising US firms MWG Enterprises and the Patel Family Office, along with PWS, an associate of Saudi Arabia’s AHQ Group – hopes to select one of three shortlisted sites for its proposed integrated refinery and export complex
A consortium of privately owned US and Saudi companies has announced an investment commitment of $5bn to build an integrated oil refining, storage and export facility outside the volatile Strait of Hormuz shipping lane.
After three years of evaluating sites across the Gulf, the consortium has shortlisted three GCC locations beyond the Strait of Hormuz. Discussions have advanced over the past two years, with a preferred site expected to be selected by the end of 2026.
The consortium, Mera Oil, comprises Fort Worth, Texas-based MWG Enterprises; the US-based Patel Family Office; and PWS, an associate company of Saudi Arabia’s AHQ Group.
Mera Oil said it remains open to alternative proposals that meet its infrastructure, resilience and development requirements.
The proposed project will feature a 200,000-barrel-a-day refinery, deepwater port connectivity, large-scale crude and refined-product storage, and marine export facilities.
A pre-feasibility study covering refinery design, logistics, capital requirements and execution planning is at an advanced stage.
Once a host jurisdiction is confirmed, the project will proceed to detailed site assessments and engineering design, with mechanical completion targeted for end-2029, followed by commissioning and the start of commercial operations.
The consortium plans to focus on producing high-specification middle distillates, including ultra-low sulphur diesel and jet fuel, for selected international markets.
The project is expected to occupy about 1,200-1,500 acres of port-connected industrial land and could create up to 3,000 direct jobs, and around 15,000 indirect and induced jobs, during construction and operations.
Mera Oil is also progressing discussions with feedstock suppliers and expects financing to include sponsor equity, sovereign and institutional investment, project finance, export-credit support and sharia-compliant funding structures.
“Designed as a route-resilient energy hub, the development aims to strengthen regional manufacturing, logistics, technical expertise and energy security,” Mera Oil said.
The first phase of the planned investment will “incorporate energy-efficient refining technologies, emissions-control systems, and potential future capabilities including sustainable aviation fuel co-processing and carbon management.”
READ THE AUGUST 2026 MEED BUSINESS REVIEW – click here to view PDF
Saudi Arabia builds for the global stage; Rising uncertainty creates fresh set of challenges in the Maghreb; Gulf banks remain robust in the face of geopolitical tensions.
Distributed to senior decision-makers in the region and around the world, the August 2026 edition of MEED Business Review includes:
