Trump Announces $300 Billion Texas Oil Refinery Backed by Reliance Industries, First New U.S. Plant in Five Decades

U.S. President Donald Trump has revealed plans for a massive new oil refinery project in Texas that he says will be the first new refinery built in the United States in roughly 50 years. The proposed facility, backed by investment from Indian billionaire Mukesh Ambani’s Reliance Industries, is expected to represent a $300 billion development focused on processing American shale oil.

Trump made the announcement through a statement on Truth Social, calling the project the largest investment deal in U.S. history. He thanked Reliance Industries for supporting the venture, highlighting the company’s role as India’s largest private energy conglomerate and a major player in the global refining sector. Reliance currently operates the world’s largest refinery complex in Jamnagar, India, and has a market value of more than $200 billion, according to financial data from LSEG.

The refinery is planned for the port city of Brownsville in Texas and will be designed to process 100 percent U.S. shale oil. Trump said the project will enhance American energy security, expand domestic production, and generate billions of dollars in economic activity. He also described the facility as potentially becoming the cleanest refinery in the world.

The project is being developed by a company called America First Refining. While the firm confirmed that it had received a major investment from what it described as a global energy supermajor, it did not publicly identify the investor or provide full financial details. The company stated that the funding came through a nine figure investment tied to a ten figure valuation.

America First Refining also confirmed that the same investor has signed a long term agreement to purchase and distribute shale oil produced in the United States. The contract will run for 20 years and will involve sourcing and refining large volumes of American crude oil.

According to the project’s early projections, the refinery will process about 1.2 billion barrels of U.S. light shale oil with an estimated value of $125 billion. The operation is expected to produce roughly 50 billion gallons of refined petroleum products, which could generate about $175 billion in market value.

The announcement comes as global oil markets remain volatile. Prices have been fluctuating sharply amid escalating tensions in the Middle East and the ongoing U.S. and Israel conflict with Iran. Earlier this week crude prices briefly approached $120 per barrel before stabilizing. At the time of the announcement, U.S. crude was trading around $84.71 per barrel while Brent crude, the global benchmark, was near $88.98.