Reliance to invest in $300bn Texas oil refinery: Trump

Reliance Industries Limited (RIL) is reportedly investing in a major new oil refinery project in Texas. This marks the first such facility built in the US in 50 years, said US President Donald Trump on March 10, 2026.

The refinery is being developed by America First Refining (AFR) at the Port of Brownsville. It will process US shale oil into refined petroleum products for domestic use and export, aiming to boost energy security and create thousands of jobs in South Texas.

Trump described the deal as a historic $300 billion investment, calling it the largest in US history. The facility will incorporate modern technologies for efficiency and reduced environmental impact. The initiative demonstrates how international partnerships now drive large-scale energy investments while refining capacity remains a vital component for global fuel distribution networks. The project will establish a significant achievement for the US energy sector while strengthening RIL’s position as a major worldwide entity in refining and energy system development.

While Trump publicly thanked RIL and its partners in India, Reliance has not yet officially confirmed the investment details. “Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment,” Trump said.

A press release by AFR said 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 RIL or specify the amount it plans to invest in the project.

Groundbreaking is expected in Q2 2026, with a 20-year offtake agreement signed for US-sourced energy. RIL shares initially rose nearly 2 per cent on the news before trading lower.