Indian Billionaire Mukesh Ambani Backs U.S. Refinery Deal

The $300 billion project marks a shift in global energy dynamics, with Reliance Industries investing in the first new U.S. refinery in 50 years.

Mar. 12, 2026 at 7:48am

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Indian billionaire Mukesh Ambani's Reliance Industries is backing a landmark $300 billion deal to build the first new oil refinery in the U.S. in 50 years. The project, announced by former President Trump, will be located at the Port of Brownsville, Texas and is expected to produce 1.2 billion barrels of light shale oil worth $125 billion and 50 billion gallons of refined products valued at $175 billion annually.

Why it matters

The venture highlights shifting global energy dynamics, with an Indian conglomerate investing heavily in U.S. energy infrastructure. It also comes amid geopolitical volatility and supply chain disruptions that have impacted global oil markets. The refinery project is seen as a way to unlock more American energy production and strengthen the domestic supply chain.

The details

The refinery project is a joint venture between America First Refining and Reliance Industries, India's largest private energy company. Reliance will have a 20-year agreement to process and distribute American shale oil through the new facility, which will have an annual capacity of 60 million barrels and a deep-water port for export. The refinery is expected to create thousands of high-paying jobs.

  • The project was announced by former President Trump on March 12, 2026.
  • America First Refining said it received a major investment and offtake deal last month, ahead of plans to break ground in Q2 2026.

The players

Mukesh Ambani

The wealthiest person in India and Asia, with a net worth of $98.9 billion. He chairs Reliance Industries, the Indian conglomerate backing the U.S. refinery project.

Reliance Industries

India's largest privately held energy company, which is investing in the $300 billion U.S. refinery project. Reliance currently operates the world's largest refining complex in India.

America First Refining

The company leading the development of the new oil refinery at the Port of Brownsville, Texas, which will be the first such facility built in the U.S. in 50 years.

Trey Griggs

The president of America First Refining, who called the project "one of the most important energy infrastructure projects in America today."

Donald Trump

The former U.S. president who announced the $300 billion refinery deal, describing it as the "biggest in US history."

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What they’re saying

“This is one of the most important energy infrastructure projects in America today. The U.S. 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, America First Refining

“This is a historic $300 billion dollar deal - the biggest in US history. Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous Investment.”

— Donald Trump

What’s next

America First Refining said it expects to break ground on the project in the second quarter of 2026.

The takeaway

The U.S. refinery project backed by Indian billionaire Mukesh Ambani's Reliance Industries highlights the shifting global energy landscape, with an emerging market powerhouse investing heavily in American energy infrastructure. This deal could strengthen energy ties between the U.S. and India while unlocking new domestic oil production and refining capabilities.