Washington, March 11, 2026 (Agencies) — U.S. President Donald Trump has announced that India’s Reliance Industries will partner with America First Refining to develop a massive oil refinery in Texas, with an investment figure of $300 billion attached to the project.
In a post on Truth Social, Trump declared, “America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS.” He claimed the proposed facility at the Port of Brownsville will be the cleanest refinery in the world.
Reliance, which operates the world’s largest refinery in Jamnagar, India, has not yet responded to Trump’s announcement. Newsweek reported that it remains unclear whether the $300 billion figure refers solely to the refinery or to a broader investment framework involving India.
America First Refining confirmed in a statement that it has secured a “9-figure investment from a global supermajor at a 10-figure valuation” and signed a 20-year deal to purchase, process, and distribute shale oil. The company expects to break ground in the second quarter of 2026, projecting that the U.S. trade imbalance will improve by $300 billion as a result.
Trey Griggs, president of America First Refining, said the project would unlock a major expansion of American energy production, create thousands of high-paying jobs, and strengthen the domestic supply chain. The refinery is expected to process 1.2 billion barrels of U.S. light shale oil valued at $125 billion, producing 50 billion gallons of refined products worth $175 billion, according to CNBC.
The announcement comes amid escalating Middle East tensions following U.S.-Israeli strikes on Iran, which briefly pushed global oil prices to $120 per barrel earlier this week.
Reliance Industries currently has a market capitalization of $206 billion. If confirmed, the Texas project would mark one of the largest-ever foreign investments in U.S. energy infrastructure.