Trump announced a proposed $300 billion oil refinery plan in Texas, claiming Reliance Industries will back the project.
However, Reliance itself has not formally confirmed the investment or the scale of its role.
The proposed refinery, potentially the first new major US refinery in nearly 50 years, remains at an early stage.
US President Donald Trump on Tuesday announced plans for a landmark oil refinery at the Port of Brownsville, Texas. Trump said Reliance Industries, India's largest privately held energy company, will be a key investment partner in the project, which carries a headline valuation of $300 billion. He further thanked the conglomerate for the "tremendous investment".
Trump described the project as the largest investment deal in American history. The facility, to be developed by America First Refining, would be the first new oil refinery built in the US in 50 years.
2 March 2026
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Trump made the announcement on his Truth Social platform, framing it as a direct result of his administration's deregulation push and tax reduction policies.
The new refinery, he said, is expected to serve domestic fuel markets, support national security, generate thousands of jobs in South Texas, and eventually power global energy exports. Trump also claimed it would be "the cleanest refinery in the world."
"It is because of our America First Agenda, streamlining Permits, and lowering Taxes, that have attracted Billions of Dollars in Deals coming back to our Nation. A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact," the post read.
Reliance Industries has not officially confirmed its involvement. Nevertheless, the company's shares rose roughly 2% to an intraday high of ₹1,434 on the BSE on Wednesday.
The announcement comes against a volatile backdrop in global energy markets. Brent crude surged to as high as $119.50 a barrel on Monday, driven by fears of a deepening West Asia supply crisis. However, prices began to ease 24 hours later after Trump suggested that the US-Israel conflict with Iran could conclude "very soon," helping global stock markets recover from a sharp sell-off.
Trump played down the oil price spike, saying prices had risen "probably less than I thought they'd go up," while seeking to reassure financial markets.
Brent crude oil prices dropped to around $91.70 per barrel after Trump told CBS News on Monday that the US military campaign against Iran was essentially over, describing it as "very complete, pretty much."
