MWG Enterprises, a major energy development firm based in Texas, US, has announced that it has joined forces with Patel Family Office and PWS, an associate company of Saudi Arabia’s AHQ Group, for the launch of Mera Oil, a US-Saudi private consortium.

The companies have entered into the final stage of selecting a host location for the planned integrated refinery and energy export corridor being set up at an investment of $5 billion. 

Mera Oil said the planned project is set to be located outside the ⁠Strait of Hormuz and aims to provide an export platform with direct access to international shipping routes. The consortium remains open to alternative proposals that meet its infrastructure, resilience and development requirements, it stated.

According to Mera Oil, the discussions have advanced over the past two years, with a preferred host expected to be selected by the end of 2026. The proposed project will feature a 200,000-barrel-per-day refinery, deepwater port connectivity, large-scale crude and refined product storage, and marine export facilities, it added.

 The Phase One investment will incorporate energy-efficient refining technologies, emissions-control systems and potential future capabilities including sustainable aviation fuel co-processing and carbon management.MWG Enterprises said a pre-feasibility study covering refinery design, logistics, capital requirements and execution planning was 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 the end of 2029, followed by commissioning and commercial operations, it stated.