United States President Donald Trump on Tuesday said that a new oil refinery will be set up in Texas, with investment from the country’s “partners in India” and the Mukesh Ambani-led conglomerate Reliance Industries.
The company, America First Refining, would set up the “first new US oil refinery in 50 years” in Texas’ Brownsville, the US president added.
The announcement came as global oil prices have spiked amid the conflict in West Asia, with escalating tensions raising fears of disruption to shipments through the Strait of Hormuz. The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of the global petroleum supply passes through the maritime chokepoint.
“This is a historic $300 billion deal,” Trump said in a social media post. “The biggest in US history, a massive win for American workers, energy and the great people of South Texas.”
He added: “Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment.”
It remains unclear what role Reliance Industries will play in the project or how much it has invested.
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
America First Refining said in a press release that the company had received a nine-figure investment earlier this year from a global “supermajor” energy company, valuing the project at a ten-figure level. The company did not publicly identify the investment partner in the release.
The tensions in West Asia began on February 28 after Israel and the United States launched a joint operation to “degrade the capabilities” of the Iranian government. Tehran retaliated by striking Israel and US military bases in the region, and targeting major cities in other Gulf countries and some ships.
Amid the conflict, global oil prices had briefly crossed the $100-per-barrel mark on Monday, the highest since July 2022. By Wednesday, the benchmark Brent crude had fallen below $90 per barrel.