Mukesh Ambani’s Reliance Industries is the lead investor in America First Refining. This project marks the first major new oil refinery built in the United States since 1976.
President Donald Trump announced the deal, which involves a nine-figure investment. Reliance signed a 20-year purchase agreement for the refinery’s total output.
The strategy aims to bypass the Strait of Hormuz following its effective shutdown during the Iran conflict. The deal secures a long-term supply chain from the Permian Basin to Reliance’s Indian chemical plants. This move reduces the conglomerate's decades-long dependence on Middle Eastern crude oil.