Friday Mar 13, 2026
Friday Mar 13, 2026
Friday, 13 March 2026 00:04 - - {{hitsCtrl.values.hits}}
US President Donald Trump on Tuesday announced plans for what he described as the first oil refinery to be built in the US in 50 years, backed by investments from Indian conglomerate Reliance Industries.
In a statement posted on the Truth Social platform, Trump said the project represents a $ 300 billion investment and thanked Reliance Industries for its participation.
The refinery will be located at the Port of Brownsville in Texas and is designed to process 100% US-produced shale oil. The project is being developed by America First Refining.
Reliance Industries, controlled by Indian billionaire Mukesh Ambani, operates the world’s largest oil refining complex in Jamnagar, India, and has a market capitalisation of about $ 206 billion according to LSEG Data.
The announcement comes at a time when global oil markets are experiencing heightened volatility due to the escalating conflict in the Middle East.
According to project estimates, the refinery is expected to process around 1.2 billion barrels of US light shale oil valued at about $ 125 billion and produce approximately 50 billion gallons of refined petroleum products with an estimated value of $ 175 billion.
