US President Donald Trump has announced that the United States will build its first new oil refinery in nearly 50 years, with investment coming from Indian billionaire Mukesh Ambani through his conglomerate Reliance Industries.
In a statement posted on his social media platform Truth Social, Trump described the project as a historic $300 billion agreement, calling it the largest deal in US history.
According to the president, the refinery will be constructed at the Port of Brownsville in the state of Texas.
He said the project would significantly strengthen the American economy while enhancing the country’s energy security and national defense.
Media reports indicated that the refinery is specifically designed to process US shale oil and will be developed by America First Refining.
The company confirmed that it has signed a 20-year agreement for the purchase, processing and distribution of American shale oil.
The planned facility is expected to process approximately 1.2 billion barrels of light shale oil, valued at around $125 billion.
The refining process is projected to produce about 50 billion gallons of petroleum products, with an estimated total market value of $175 billion.