Trump announces $300B refinery deal with India’s Reliance Industries

In a post on Truth Social, Trump said the facility will be constructed by America First Refining at the Port of Brownsville.

“America is returning to REAL ENERGY DOMINANCE,” Trump wrote. “Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas. THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY.”

Trump added that the refinery would strengthen U.S. energy security and generate economic growth.

“A new refinery at the Port of Brownsville will fuel U.S. markets, strengthen our national security, boost American energy production, deliver billions of dollars in economic impact, and will be THE CLEANEST REFINERY IN THE WORLD,” he said. “It will power global exports and bring THOUSANDS of long overdue jobs.”

According to the White House, the project comes as global energy markets face volatility due to tensions in the Middle East, where disruptions near the Strait of Hormuz affect about 20% of global oil shipments.

White House Press Secretary Karoline Leavitt said rising fuel prices in the United States would likely decline.

“Rest assured to the American people, the recent increase in oil and gas prices is temporary,” she said. “Once the national security objectives of Operation Epic Fury are fully achieved, Americans will see oil and gas prices drop rapidly.”

Reliance operates the world’s largest refinery complex in Jamnagar, India. The planned Brownsville facility would be designed to process 100% U.S. shale oil.

Earlier, Qazinform News Agency reported that U.S. President Donald Trump repeatedly declared that the United States had already “won” the war with Iran during a rally in Hebron.