Trump says U.S. will build first refinery in 50 years with investment from India's Reliance Industries

U.S. President Donald Trump takes a question as he speaks during a press conference at Trump National Doral Miami in Miami, Florida, U.S., March 9, 2026.

Kevin Lamarque | Reuters

President Donald Trump announced Tuesday that the U.S. will get its first oil refinery in 50 years, funded by investments from Indian billionaire Mukesh Ambani’s Reliance Industries.

“THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY,” Trump said in a post on Truth Social.

He thanked India’s largest privately held energy company, Reliance Industries, “for this tremendous Investment.”

Reliance owns the world’s largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG data.

The new refinery, located at the port of Brownsville in Texas, will “strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD,” Trump said.

The refinery is designed to process 100% American shale oil and is being developed by America First Refining.

The refinery’s opening coincides with elevated global oil prices driven by the intensifying conflict in the Middle East. Since the start of the U.S.-Israel war on Iran, the prices of crude have been volatile, hitting nearly $120 on Monday. Higher fuel prices are beneficial for shale refiners.

U.S. crude oil was up 1.15% up $84.71 per barrel at 10:38 p.m. ET. Brent crude, the global benchmark, rose 1.33% at $88.98.

Reliance Industries and America First Refining did not respond to a request for comment.

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