The Mira Oil Alliance, which includes American and Saudi companies, announced progress in its plans to build a $5 billion integrated refinery and export corridor in the Gulf region, in a move aimed at strengthening the oil sector's infrastructure and improving the region's ability to export crude and refined products, amid continuing regional tensions and their impact on energy flows.
The alliance explained that the American company MWG Group, the Patel family office, and PWS, a subsidiary of the Saudi AHQ Industrial Group, have entered the final stage of selecting the project site, after narrowing down the options to three locations within the Gulf Cooperation Council countries, with the final location to be announced before the end of 2026.
The refinery is planned to have a production capacity of 200,000 barrels per day, a level that will boost refining capacity in the region and support the meeting of demand for petroleum products. The project will also include a deep-water port, large storage tanks for crude oil and refined products, and marine export facilities that will provide greater flexibility in shipping operations to global markets.
The alliance noted that the project will be located outside the Strait of Hormuz, providing direct access to international shipping lanes and mitigating the risks associated with oil shipments transiting one of the world's busiest and most sensitive waterways. This location gives the project a strategic advantage, supporting supply continuity and enhancing the efficiency of export chains.
Mira Oil Alliance added that the complex will use energy-efficient refining technologies and advanced emissions control systems, and is also considering integrating co-processing technologies for jet fuel and carbon management technologies in the future, as part of enhancing operational efficiency and reducing the environmental impact of the project.
The consortium confirmed that it is continuing negotiations with raw material suppliers, with final agreements expected to be completed concurrently with the final decision on the project's location. This development reflects ongoing investment in oil sector infrastructure, with a focus on enhancing energy security and improving export efficiency in the Gulf region.
