Trump Announces $300 Billion Oil Refinery Investment in U.S. Backed by Mukesh Ambani
United States — U.S. President Donald Trump has announced that a new oil refinery will be built in the country for the first time in nearly 50 years, with major investment coming from Indian billionaire Mukesh Ambani’s company Reliance Industries.
In a statement posted on his social media platform Truth Social, Trump described the project as a $300 billion historic deal, calling it one of the largest investments in U.S. history.
The refinery will be constructed at the Port of Brownsville, and Trump said it would strengthen both the U.S. economy and national security.
President Donald J. Trump announces that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas. 🇺🇸
This is what AMERICAN ENERGY DOMINANCE looks like. 💪 pic.twitter.com/UTOW7wECCI
— The White House (@WhiteHouse) March 10, 2026
According to media reports, the refinery is designed to process American shale oil and is being developed by America First Refining. The company confirmed it has signed a 20-year agreement for the purchase, processing, and distribution of U.S. shale oil, though it did not directly name Reliance Industries in its statement.
The facility is expected to process around 1.2 billion barrels of light shale oil, valued at approximately $125 billion, and produce nearly 50 billion gallons of refined products worth an estimated $175 billion. The project is expected to significantly boost the U.S. energy sector and long-term industrial capacity.
