Trump announced the launch of the first US refinery in 50 years
It is being financed with an investment from Indian billionaire Mukesh Ambani’s Reliance Industries. Reliance owns the world’s largest refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG.
“America is returning to true energy dominance. This historic $300 billion deal is the largest in U.S. history. This is a huge win for American workers, the energy sector and the people of Texas,” Trump wrote on Truth Social, according to cnbc.com.
The plant will be erected in the port of Brownsville, Texas. AFR said the facility will create thousands of high-paying jobs. The firm plans to begin construction of the plant in the second quarter of 2026.
The Trump administration has lifted a number of previous environmental and regulatory restrictions to spur development in the oil sector. Trump himself has noted that new multi-billion dollar projects are coming to fruition in the country precisely because of his administration’s actions.
“The new refinery at the Port of Brownsville will provide energy for the U.S. domestic market, enhance our national security, increase American energy production, and generate billions of dollars in economic benefits,” Trump emphasized.
And he added that this plant will be the cleanest refinery in the world.
