U.S.-Saudi Consortium Unveils $5 Billion Refinery Project

The venture brings together Texas-based MWG Group, the Patel Family Office, and PWS, an affiliate of the Saudi AHQ Group. The partners are currently narrowing down three potential sites within the Gulf Cooperation Council states for the massive infrastructure project, which may eventually expand to include sustainable aviation fuel processing and carbon management systems.

This development comes as global refining capacity faces acute pressure. Saudi Aramco recently shuttered its 400,000-barrel-per-day Jazan refinery following a Houthi strike, with repairs projected to last until mid-August. This outage exacerbates a supply crunch that has pushed fuel crack spreads to record highs, driven by ongoing conflicts in the Red Sea and the broader Persian Gulf. While Russian refineries are beginning to recover from recent drone strikes, the continued ban on their diesel exports leaves the global market thin, heightening the strategic importance of the MERA Oil project.