Reliance Industries will make an investment in a new oil refinery being opened in Texas, said the US President Donald Trump, who described this as a "historic USD 300 billion deal".
Trump, in a social media post on Tuesday, said the project is being enabled by his administration’s “America First agenda”.
He calls the deal "the biggest in US history" and “a massive win for American workers, energy, and the great people of South Texas,” while thanking the Indian company. However, there has been no official communication or statement released from Reliance Industries on the deal yet.
“Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment,” Trump said.
The US President said the new refinery at the Port of Brownsville will fuel US markets, strengthen national security, boost American energy production, and generate thousands of jobs.
A press release by America First Refining (AFR) said that it received a nine-figure investment in February from a “global supermajor” at a 10-figure valuation, adding that it also “signed a binding 20-year offtake term sheet with the same global supermajor that secures commitments to purchase, process, and distribute American-produced energy exclusively sourced from American shale oil”.
The press release did not mention Reliance Industries or specify the amount it plans to invest in the project.
The company said it plans to break ground on the refinery in the second quarter of 2026.
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