Trump touts $300B Texas refinery project

Why it matters

The refinery, to be developed by America First Refining at the Port of Brownsville, is expected to be the first new oil refinery in the US in 50 years. It will process American shale oil into refined petroleum products for both domestic use and export. America First Refining (AFR) said they received a nine-figure investment in February from a "global supermajor" at a ten-figure valuation. As part of the agreement, AFR also secured a 20-year offtake term sheet with the same partner. While Trump thanked Reliance Industries for their investment, Reliance has not yet officially confirmed the deal. The company is expected to begin construction in the second quarter of 2026. The refinery is designed to process 168,000 barrels of crude oil per day. America First Refining says that 1.2 billion barrels of US light shale oil will be purchased and processed, producing 50 billion gallons of refined products.

Key numbers

• Former President Trump unveiled a $300B refinery project in Texas, thanking India's Reliance for the investment, which is expected to create tens of thousands of jobs.
• The refinery, to be developed by America First Refining at the Port of Brownsville, is expected to be the first new oil refinery in the US in 50 years.
• As part of the agreement, AFR also secured a 20-year offtake term sheet with the same partner.
• The company is expected to begin construction in the second quarter of 2026.

What happens next

• The refinery, to be developed by America First Refining at the Port of Brownsville, is expected to be the first new oil refinery in the US in 50 years.
• It will process American shale oil into refined petroleum products for both domestic use and export.
• The company is expected to begin construction in the second quarter of 2026.

Sources

• Trump unveiled

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