MWG Enterprises, Patel Family Office and PWS have formed MERA Oil, a US-Saudi consortium, and are in the final stage of picking a site for a $5 billion integrated refinery and energy export corridor. The consortium has narrowed its search to three GCC locations outside the Strait of Hormuz, after three years evaluating sites across the Gulf.
MWG Enterprises is based in Fort Worth. Patel Family Office is a third-generation global family office. PWS is an associate company of AHQ Group, one of Saudi Arabia's longest-established industrial groups.
Three years, three finalists
Discussions with the three shortlisted GCC sites have run for two years and are approaching a decision point, with a preferred host expected by the end of 2026. The consortium said it remains open to a stronger proposal from another qualifying GCC jurisdiction that can meet its route-resilience, infrastructure and timetable requirements before a final host is chosen. Marc W. Gunderson, founder of MWG Enterprises, said the consortium's "development concept and capital strategy are defined" as it now chooses a host government.
A 200,000-barrel-a-day complex
The planned refinery would process 200,000 barrels a day, linked to deepwater port infrastructure, large-scale storage for crude and refined products, and marine export facilities. Sited outside the Strait of Hormuz, it is meant to give direct access to international shipping routes. The product slate centers on high-specification middle distillates, including ultra-low sulphur diesel and jet fuel, aimed at import-dependent markets in the United States, the Atlantic Basin, the Gulf region and other international markets, subject to final engineering and offtake arrangements. The six GCC states exported about 11.5 million barrels of crude oil a day in 2024, close to a quarter of global crude exports, according to the GCC Statistical Centre.
Emissions technology and financing
The Phase One capital program of up to $5 billion is meant to bring in energy-efficient refining technology and emissions-control systems. Sustainable aviation fuel co-processing and carbon-management capabilities are being evaluated as possible future additions. A pre-feasibility study covering refinery configuration, product slate, capital requirements, logistics and phased execution has reached an advanced stage. Financing is expected to draw on sponsor equity, sovereign and institutional participation, international project finance, export-credit support and Shariah-compliant structures. Abdulmalik Alqahtani, group chief executive of AHQ Group, said the project should leave the host country "jobs, local suppliers, technical skill and industrial capacity that endures."
Jobs and timeline
The Phase One development is expected to sit on about 1,200 to 1,500 acres of port-connected industrial land, supporting up to 3,000 direct roles at peak across construction, commissioning and operations, plus up to 15,000 indirect and induced jobs, based on preliminary sponsor estimates. Once a host is confirmed, the project moves into final site diligence and engineering design. Mechanical completion of Phase One is targeted for the end of 2029, followed by commissioning and commercial operations. Lakshmi Narayanan, vice chair of Patel Family Office, said the project needs "sound governance, a balanced capital structure built to hold for decades." MERA Oil is also in discussions with feedstock providers within and beyond the GCC, with definitive arrangements expected to progress alongside the final host selection.
