President Donald Trump on Tuesday announced plans for a proposed $300 billion oil refinery in Brownsville, Texas, saying the project would be backed by Indian billionaire Mukesh Ambani's Reliance Industries.

Trump took to Truth Social on Tuesday to announce the opening of the first new U.S. oil refinery in 50 years, as part of an effort to boost domestic energy production and deepen economic ties with global partners.

The refinery, being developed by America First Refining, is designed to process 100% U.S. shale oil. According to the Indian Express, the construction is expected to begin in the April–June quarter this year.

"THIS IS A HISTORIC $300 BILLION DOLLAR DEAL, THE BIGGEST IN U.S. HISTORY," Trump wrote.

The president lauded India and Reliance for their substantial investment, but did not elaborate on whether the refinery was part of a broader pact with India. He hailed the project as a significant step for the U.S. energy sector and a resurgence of “REAL ENERGY DOMINANCE.”

Trump also asserted that the proposed facility would be the “cleanest refinery in the world,” generating billions ...