Former President Donald Trump announced that Indian energy giant Reliance Industries is backing a historic $300 billion deal to construct the first new major oil refinery in the United States in half a century.
Trump revealed on his Truth Social platform that America First Refining will build the facility at the Port of Brownsville, Texas. He hailed the project as the biggest in US history and a key part of his energy agenda.
Reliance Industries, India's largest privately held conglomerate, is a significant player in the global energy market. The America First Refining project is a venture by Element Fuels, which previously outlined plans for a Brownsville refinery costing between $3 billion and $4 billion. This facility would be the first refinery built on the Gulf of Mexico since the 1970s and is designed to process 100% American shale oil.