US President Donald Trump takes questions during a press conference at the Trump National Doral Miami in Miami, Florida, USA on March 9, 2026.
Kevin Lamarque | Reuters
President Donald Trump announced Tuesday that the United States will build its first oil refinery in 50 years with an investment from Indian billionaire Mukesh Ambani. Reliance Industries.
“This is a historic $300 billion deal, the largest in American history,” President Trump said in a post on Truth Social.
He thanked Reliance Industries, India’s largest privately held energy company, “for this significant investment.”
Reliance owns the world’s largest 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, Texas, “will strengthen our national security, boost America’s energy production, deliver billions of dollars in economic impact, and be the cleanest refinery in the world,” President Trump said.
The refinery is designed to process 100% U.S. shale oil and is being developed by America First Refining.
20 year contract
The refinery’s opening coincides with rising global oil prices due to the escalating conflict in the Middle East. Oil prices have been volatile since the start of the US-Israel war against Iran, reaching nearly $120 on Monday. Higher fuel prices are good for shale refiners.
U.S. crude oil rose 1.15% to $84.71 per barrel as of 10:38 p.m. ET. Brent crude oil, the global benchmark, rose 1.33% to $88.98.
Reliance Industries and America First Refining did not respond to requests for comment.
America First Refining said in a statement Tuesday that it had received a “nine-figure investment from a major global company at a ten-digit valuation,” without providing details about the investors.
America First Refining added that the “fellow global supermajor” also signed a 20-year agreement to purchase, process and distribute shale oil sourced and produced in the United States.
The refinery will process 1.2 billion barrels of U.S. light shale oil valued at $125 billion and produce 50 billion gallons of refined product valued at $175 billion.
“The United States has a surplus of light shale oil, but we lack the refining capacity to process it,” said Trey Griggs, president of America First Refining. He added that the refinery will strengthen the domestic supply chain.
