U.S. President Donald Trump takes a query as he speaks throughout a press convention at Trump Nationwide Doral Miami in Miami, Florida, U.S., March 9, 2026.
Kevin Lamarque | Reuters
President Donald Trump introduced 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 stated in a submit on Fact Social.
He thanked India’s largest privately held power firm, Reliance Industries, “for this super Funding.”
Reliance owns the world’s largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, in keeping with LSEG information.
The brand new refinery, positioned on the port of Brownsville in Texas, will “strengthen our Nationwide Safety, increase American Vitality manufacturing, ship Billions of {Dollars} in Financial impression, and can be THE CLEANEST REFINERY IN THE WORLD,” Trump stated.
The refinery is designed to course of 100% American shale oil and is being developed by America First Refining.
This can be a growing story. Please refresh for updates.
