US President Trump credits Reliance for $300 billion Texas Oil Refinery project

New York/Washington, March 11: US President Donald Trump informed that India’s Reliance Industries will invest in a new oil refinery project at the Port of Brownsville in Texas, terming the move as “biggest”, boosting American energy production and jobs.

Further describing it 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 stated that the deal is "the biggest in the US history" and "a massive win for American workers, energy and the great people of South Texas".

However, there has been no official communication from Reliance Industries on the deal so far.

"Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment," Trump said.

Trump added that 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) noted that it received a nine-figure investment in February from a "global supermajor" at a 10-figure valuation.

AFR said 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.

PTI