Reliance will partner with America First Refining to develop the new refinery, the US president has said

India's Reliance Industries will invest in a $300 billion oil refinery to be set up in Texas, US President Donald Trump has said.

Trump said Reliance will be the partner for the proposed refinery at the Port of Brownsville, to be developed by America First Refining.

"America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS," Trump said in a Truth Social post on Tuesday.

There is no clarity on whether the $300 billion figure is for the refinery alone or a broader investment framework involving India, according to Newsweek.

Reliance has not responded to Trump's announcement.

America First Refining said in a statement on Tuesday that it has received a "9-figure investment from a global supermajor at a 10-figure valuation." It said the company has also signed a 20-year deal to purchase, process, and distribute shale oil.

America First expects to break ground in the second quarter of 2026.

The US trade imbalance will improve by $300 billion, the company statement said.

"The United States has a surplus of light shale oil but a shortage of refining capacity designed to process it. By building this refinery at the Port of Brownsville, we're unlocking a major expansion of American energy production while creating thousands of high-paying jobs and strengthening our domestic supply chain," Trey Griggs, president of America First Refining, said.

The development comes amid the escalating Middle East conflict triggered by US-Israeli strikes on Iran, which briefly pushed oil prices to $120 on Monday.

Reliance, which owns the world's largest oil refinery in Jamnagar, India, has a market capitalization of $206 billion.

Trump claimed the proposed Texas refinery will be the cleanest in the world.

The facility is expected to process 1.2 billion barrels of US light shale oil, valued at $125 billion, and produce 50 billion gallons of refined products worth $175 billion, CNBC reported.

From 2014 to 2024, the US exported nearly 10 billion barrels of crude while still importing roughly 28 billion barrels. The proposed refinery will redirect up to 60 million barrels of US crude annually back into domestic refining, America First claimed.