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 publish on Fact Social.
He thanked India’s largest privately held vitality firm, Reliance Industries, “for this great Funding.”
Reliance owns the world’s largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, based on LSEG knowledge.
The brand new refinery, situated on the port of Brownsville in Texas, will “strengthen our Nationwide Safety, increase American Power manufacturing, ship Billions of {Dollars} in Financial affect, 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.
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