(MENAFN) US President Donald Trump announced on Tuesday that the United States will construct its first new oil refinery in half a century, backed by investment from Indian billionaire Mukesh Ambani’s Reliance Industries, according to reports.
In a post on his Truth Social platform, Trump described the initiative as a “historic $300 billion deal — the biggest in U.S. history,” expressing gratitude to India’s largest private energy company for its involvement.
The refinery, planned for the port of Brownsville, Texas, is expected to process entirely American shale oil. Trump said the project would enhance US national security, increase domestic energy output, create billions in economic benefits, and become “the cleanest refinery in the world.”
Reliance Industries, which operates the world’s largest refinery complex in Jamnagar, India, has a market capitalization of around $206 billion.
The announcement comes amid significant global oil market volatility driven by escalating conflict in the Middle East. Crude prices surged to nearly $120 per barrel earlier this week before easing. US benchmark West Texas Intermediate crude was trading 2.4% higher at $85.2 per barrel as of Wednesday morning, while Brent crude futures declined 1.8% to $88 per barrel.
The refinery project is being developed by America First Refining, which reported receiving a nine-figure investment from a global energy firm at a ten-figure valuation, without disclosing the investor’s identity.
Trump Announces First New US Oil Refinery in Fifty Years
(MENAFN) US President Donald Trump announced on Tuesday that the United States will construct its first new oil refinery in half a century, backed by investment from Indian billionaire Mukesh Ambani’s Reliance Industries, according to reports.
In a post on his Truth Social platform, Trump described the initiative as a “historic $300 billion deal — the biggest in U.S. history,” expressing gratitude to India’s largest private energy company for its involvement.
The refinery, planned for the port of Brownsville, Texas, is expected to process entirely American shale oil. Trump said the project would enhance US national security, increase domestic energy output, create billions in economic benefits, and become “the cleanest refinery in the world.”
Reliance Industries, which operates the world’s largest refinery complex in Jamnagar, India, has a market capitalization of around $206 billion.
The announcement comes amid significant global oil market volatility driven by escalating conflict in the Middle East. Crude prices surged to nearly $120 per barrel earlier this week before easing. US benchmark West Texas Intermediate crude was trading 2.4% higher at $85.2 per barrel as of Wednesday morning, while Brent crude futures declined 1.8% to $88 per barrel.
The refinery project is being developed by America First Refining, which reported receiving a nine-figure investment from a global energy firm at a ten-figure valuation, without disclosing the investor’s identity.
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