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Mukesh Ambani Backs America's First New Oil Refinery in 50 Years — The $300 Billion Trump-Reliance Deal Explained

Mukesh Ambani Backs America's First New Oil Refinery in 50 Years — The $300 Billion Trump-Reliance Deal Explained

11 Mar, 2026

Reliance Industries & Trump's $300 Billion US Refinery: Everything You Need to Know

What Happened

US President Trump announced that Reliance Industries will back America's first new oil refinery in 50 years, calling it "THE BIGGEST DEAL IN US HISTORY" on Truth Social. Enrich Money

The refinery will be built at the Port of Brownsville, Texas, by America First Refining (AFR), designed to run entirely on US shale oil. Reliance has signed a 20-year offtake agreement, with groundbreaking scheduled in Q2 2026. Investing.com

The Real Numbers

The $300 billion is not construction cost — it's the 20-year deal value. Reliance buys 1.2 billion barrels of US shale oil ($125B) and AFR produces 50 billion gallons of refined products ($175B). Construction cost is estimated at just ~$4 billion. Long Forecast

The refinery will process roughly 60 million barrels of American light crude per year, sourced entirely from US shale fields — primarily the Permian Basin. NSE

Why Reliance Said Yes

Reliance, having built its empire on cheap Middle Eastern and Russian crude, is now locking in 20 years of American shale supply. It's a commercial hedge — and a diplomatic one. Ambani and Nita Ambani had a personal dinner with Trump the night before his inauguration in January 2025. Long Forecast

Reliance operates the world's largest oil refining complex in Jamnagar and has a market cap exceeding $206 billion. The company is yet to put out an official regulatory filing confirming the deal. TRADING ECONOMICS

Stock Reaction

Reliance shares opened sharply higher at ₹1,427, touched ₹1,433 intraday (+1.74%), then fell into the red on profit booking at ₹1,400 — down 0.60%. The stock is down 10.45% YTD in 2026 but has delivered 503% returns over 10 years. Yahoo Finance

What It Means for India

This deal signals India's growing energy diplomacy with the US — reducing dependence on Middle East supply chains (already disrupted by the Iran war) and cementing Ambani's political ties with the Trump administration. If the refinery is built, it could provide India an alternative crude supply source outside the volatile Gulf region.

Disclaimer: For informational purposes only. Not investment advice.

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