U.S President Donald Trump has announced that the United States will build its first new oil refinery in nearly 50 years, funded through investments linked to Indian billionaire Mukesh Ambani’s Reliance Industries. Calling it a landmark development, Trump said the agreement represents a massive economic commitment.
“This is a historic $300 billion deal — the biggest in U.S. history,” Trump wrote in a post on Truth Social. He also thanked Reliance Industries for what he described as a “tremendous investment.”
Reliance, India’s largest private-sector company and operator of the world’s biggest refining complex in Jamnagar, currently has a market capitalisation of around $206 billion.
First U.S. refinery in five decades
The proposed refinery will be located at the port of Brownsville in the U.S. state of Texas. According to Trump, the facility will strengthen national energy security, boost domestic oil production, and generate billions of dollars in economic impact. He also claimed the project would become “the cleanest refinery in the world.” The facility will be designed to process 100 percent American shale oil and is being developed by America First Refining.
Long-term supply agreement
The refinery announcement comes at a time of heightened volatility in global oil markets due to escalating tensions in the Middle East. Oil prices have surged amid the ongoing Israel–Iran conflict escalation 2026, with crude briefly approaching $120 per barrel earlier this week.
At the time of reporting, U.S. crude oil was trading at about $84.71 per barrel, while Brent crude rose to around $88.98.