RIYADH: A Saudi-US alliance has entered the final stage of selecting a host country for a $5 billion integrated refinery and energy export corridor project.
This project aims to create a strategic energy export platform that bypasses the Strait of Hormuz, Asharq Bloomberg has reported.
The alliance, known as MERA Oil, comprises the US-based MWG Enterprises and the Patel Family Office, along with PWS, a subsidiary of the Saudi AHQ Industrial Group.
In a statement, the alliance said it has completed three years of site evaluations in the Gulf Cooperation Council countries and narrowed down the options to three countries, all located outside the Strait of Hormuz, following two years of consultations with the respective governments.
The final location is expected to be announced before the end of 2026.
