US President Donald Trump on Tuesday said a new oil refinery would be built at the Port of Brownsville in Texas, describing it as the first major refinery project in the United States in decades and crediting investment from India’s Reliance Industries.
In a post on Truth Social, Trump thanked Mukesh Ambani-led Reliance Industries for supporting the project. “THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY,” Trump wrote.
Reliance, which operates the world’s largest refining complex at Jamnagar in Gujarat, has a market capitalisation of about $206 billion, according to data from the London Stock Exchange Group (LSEG).
The refinery is being developed by America First Refining, which said it had secured a nine-figure investment from a global energy major at a ten-figure valuation without identifying the investor.
According to the company, the facility would process US light shale crude and produce refined petroleum products for domestic and export markets. America First Refining said the project could process around 1.2 billion barrels of crude over time, producing roughly 50 billion gallons of refined fuels.
Energy analysts say the United States has expanded refining capacity mainly through upgrades and expansions in recent decades, with few entirely new large refineries built since the 1970s.
The announcement comes amid volatile global oil markets as tensions in West Asia raise concerns about potential disruptions to energy supplies and shipping routes.
