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Trump announces new US oil refinery with India’s Reliance Industries backing
Reliance Industries has not responded to the deal so far; its shares on the Indian stock markets, however, rose by two per cent Wednesday morning
- PUBLISHED: Wed 11 Mar 2026, 11:54 AM
India’s Reliance Industries will partner in building a $300 billion refinery, projected as “the biggest” in the US in 60 years, according to US President Donald Trump.
"I am proud to announce that America First Refining is opening the FIRST new US Oil Refinery in 50 YEARS in Brownsville, Texas," he said in a post on Truth Social. It represents “a historic $300 billion dollar deal,” he added.
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Trump said it would be ‘THE CLEANEST REFINERY IN THE WORLD,’ and an environmentally advanced facility. “Thank you to our partners in India and their largest privately held energy company, Reliance, for this tremendous investment,” Trump added. But Reliance Industries has not responded on the deal so far. Its shares on the Indian stock markets, however, rose by two per cent Wednesday morning.
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America First Refining (AFR) said it received a nine-figure investment in February from a “global supermajor” at a 10-figure valuation; however, it did not mention Reliance Industries or provide the investment figures in the project.
AFR said it “signed a binding 20-year off-take term sheet with the same global supermajor that secures commitments to purchase, process, and distribute American-produced energy exclusively sourced from American shale oil”.
America First agenda
Trump said the "historic $300 billion deal" is being enabled by his administration’s “America First agenda". It is “a massive win for American workers, energy and the great people of South Texas”, he added.
“Thank you to our partners in India and their largest privately held energy company, Reliance, for this tremendous investment.” The new refinery at the Port of Brownsville will fuel US markets, strengthen national security, boost American energy production, and generate thousands of jobs, the US President added.
According to media reports, the Texas refinery is the same that was being developed by Element Fuels. In June 2024, it said it had completed site preparation and received the necessary permits to construct a plant capable of processing about 160,000 barrels of oil daily.
Trump’s announcement came as he sought to quell concerns about rising energy prices due to the war in Iran. His government is pursuing a policy of US energy dominance, including increased production of oil, natural gas and coal. Many of America’s refineries are old and some have shut down as well.
America First said the Brownsville refinery will be designed to run entirely on US shale oil.
