Reliance to Build First New U.S. Refinery in Half a Century, $300B Texas Deal Gets Trump’s Praise

Trump hails partnership with Mukesh Ambani’s Reliance Industries as “biggest energy investment ever announced by an Indian company in the United States”

Mumbai: US President Donald Trump today announced that Reliance Industries Ltd (RIL), led by Mukesh Ambani, will be a major investor in what would be the first greenfield oil refinery built in the United States in nearly five decades a massive $300 billion integrated energy complex planned in Texas.

Speaking at a White House event flanked by senior executives from Reliance and US energy firms, President Trump described the project as a “historic deal” and “the largest single foreign direct investment ever committed by an Indian company on American soil.”

Key Details of the Announcement

• Project name (working title): Gulf Coast Energy Corridor (GCC)
• Location: Near Corpus Christi / Port Arthur region, Texas
• Total planned investment: ~$300 billion over 10–12 years (phased development)
• Reliance’s committed stake: Sources indicate an initial equity commitment of $45–60 billion over the first phase
• Capacity & scope:
  • 800,000–1 million barrels per day refining capacity
  • Integrated petrochemical complex
  • LNG export terminal
  • Green hydrogen & carbon capture facilities
• First new greenfield refinery in US since 1977 (Marathon Garyville was the last major greenfield addition)

Trump’s Statement (excerpts)

“This is not just a refinery-this is the biggest energy & jobs deal ever announced by India in America. Mukesh Ambani and Reliance are building the future right here in Texas. Hundreds of thousands of jobs, energy security for both our nations, and a model for how friends and partners create prosperity together. Historic!”

Reliance’s Position

A Reliance spokesperson confirmed the company’s interest and ongoing feasibility discussions but declined to comment on specific investment figures or timelines pending final board and regulatory approvals.

The company is believed to be evaluating the project as part of its long-term strategy to:

• Secure long-term crude supply & refining margins
• Build global petrochemical & clean energy capabilities
• Strengthen presence in the world’s largest energy consumer market

Strategic & Geopolitical Context

• The announcement comes amid renewed India–US strategic alignment under the second Trump administration.
• It follows recent easing of US sanctions-related restrictions on Indian purchases of Russian crude.
• The project is seen as a counterbalance to China’s growing influence in global refining & petrochemicals.
• Texas Governor Greg Abbott called it the largest economic development win in Texas history.

Market Reaction

• Reliance Industries shares rose 4.2–5.1% in Mumbai trading after the announcement.
• US energy & midstream stocks (ExxonMobil, Valero, Enterprise Products, Kinder Morgan) gained 2–4% in pre-market.
• Indian downstream oil marketing companies (IOC, BPCL, HPCL) traded flat-to-positive on hopes of stable crude supply dynamics.

Conclusion

If realised at the announced scale, the Gulf Coast Energy Corridor would rank among the largest industrial projects ever undertaken by an Indian company abroad. It would also mark the most significant Indian investment in the US energy sector to date and potentially reshape global refining & petrochemical flows for decades.

While detailed feasibility studies, environmental clearances and financing are still in early stages, today’s announcement signals deepening India–US energy and strategic convergence under the renewed Trump administration.