Trump says U.S. will build first refinery in 50 years with investment by India's Reliance Industries
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U.S. President said India's largest private energy company Reliance Industries is investing in a $300-billion refinery project in Texas.
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President Donald Trump announced Tuesday that the U.S. will get its first oil refinery in 50 years, funded by investments from Indian billionaire Mukesh Ambani's Reliance Industries . "THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY," Trump said in a post on Truth Social. He thanked India's largest privately held energy company, Reliance Industries, "for this tremendous Investment." Reliance owns the world's largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG data. The new refinery, located at the port of Brownsville in Texas, will "strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD," Trump said. The refinery is designed to process 100% American shale oil and is being developed by America First Refining. This is a developing story. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news. Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Select Personal Finance Join the CNBC Panel Closed Captioning Digital Products News Releases Internships Corrections About CNBC Site Map Podcasts Careers Help Contact News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Advertise With Us Please Contact Us Ad Choices Privacy Policy Your Privacy Choices CA Notice Terms of Service © 2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by
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