As crude oil crosses $100 a barrel following US-Israeli strikes on Iran that began February 28, President Donald Trump has announced what he’s calling the biggest deal in American history. A $300 billion refinery in Brownsville, Texas, backed in part by India’s Reliance Industries. Taking to Truth Social, Trump quipped,
America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas. THIS IS A HISTORIC $300 BILLION DOLLAR DEAL—THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas! Thank you to our partners in India and their largest privately held Energy Company, Reliance, for this tremendous Investment.
This is what AMERICAN ENERGY DOMINANCE looks like. 💪 pic.twitter.com/UTOW7wECCI
— The White House (@WhiteHouse) March 10, 2026
At a time when global energy markets are experiencing volatility, ensuring uninterrupted access to essential fuels for Indian households remains a national priority.
Reliance Industries is taking proactive steps and in line with the Government guidelines, to…
— Reliance Industries Limited (@RIL_Updates) March 10, 2026
Under construction by a company called America First Refining, the plant would be the first new oil refinery constructed in the United States in roughly 50 years. The last comparable facility, Marathon Refinery, came up in 1976 when oil was under $5 a barrel.
Trump credited Mukesh Ambani-led Reliance—India’s largest privately held energy company, which operates the world’s biggest single-location refinery in Jamnagar, Gujarat—for a “tremendous investment” in the project. America First Refining confirmed it received a nine-figure investment from an unnamed global supermajor in February, alongside a binding 20-year offtake agreement.
Groundbreaking for the refinery is planned for Q2 2026. At full capacity, the refinery would process around 160,000 barrels of oil daily.
The project itself isn’t new. It was previously being developed under the name Element Fuels, which secured permits and completed site preparation in mid-2024. The company’s website now redirects to America First Refining, and its founder, John V. Calce, leads both entities.
The announcement lands as the White House faces pressure over fuel prices, with midterm elections approaching later this year.
Trump says India’s Reliance will back first new US oil refinery in 50 years https://t.co/Z3oCsu7rwD
— Financial Times (@FT) March 11, 2026
Well done Reliance.
We now have a thank you note to India from US President Trump. pic.twitter.com/B8Du5qIBOK
— Priyanka Chaturvedi🇮🇳 (@priyankac19) March 11, 2026
Trump says U.S. will build first refinery in 50 years with investment by India’s Reliance Industries https://t.co/mTaZZIoGn8
— CNBC (@CNBC) March 11, 2026
#DonaldTrump has said the United States is set to build its “1st new oil refinery” in 50 years, backed by investment from billionaire #MukeshAmbani’s Reliance Industries.
Although refineries have been built in the past 5 decades, this is the first “major oil refinery” during… pic.twitter.com/vrn26y1xJc
— The Indian Express (@IndianExpress) March 11, 2026
But is the deal really worth the $300 billion investment by Reliance or merely a billion from their coffers?
Reliance is not investing $300 billion in US refinery.
As the press release from America First Refinery suggests it is a ‘9 figure investment from a global supermajor’. That would be less than $1 billion.
While we await details, I explain with what we have.#Nifty #Trump https://t.co/UnvsoQvbwL
— Prashant Nair (@_prashantnair) March 11, 2026