OIL ALLIANCE

Texas oil tycoon and Saudi partners plan $5B refinery outside Hormuz

The consortium was formed by Marc W. Gunderson’s Fort Worth-based MWG Enterprises, along with a unit of Saudi Arabia’s AHQ Group and the Patel Family Office

Lakshmi Narayanan, Vice Chair of Patel Family Office; Marc W. Gunderson, Founder of MWG Enterprises; and Abdulmalik Alqahtani, Group CEO of AHQ Group. (Mera Oil)

By

Louise Burke

July 30, 2026

A Texas oil tycoon is joining forces with Saudi partners to build a $5 billion oil refinery outside the Strait of Hormuz and is in the final stages of deciding on a site.

The Mera Oil consortium has...