Reliance Industries Invests in Trump-Linked Texas Refinery Amid Policy Shifts
Records and reports indicate Donald Trump Jr. holds a secret stake in the Texas startup, while critics point to the timing of regulatory concessions for Reliance Industries as evidence of preferential treatment.
Reliance Industries, the Indian energy conglomerate owned by Mukesh Ambani, has invested at least $100 million in America First Refining, a Texas-based startup secretly backed by Donald Trump Jr. The investment follows a period of heightened tension between the United States and India, during which the Trump administration imposed 50% tariffs on Indian energy firms purchasing Russian oil. Following the announcement of the deal, the US government lowered tariffs on India and granted Reliance licenses to purchase Venezuelan and Russian crude.
Critics have alleged that the arrangement constitutes self-dealing, noting that Trump Jr.’s undisclosed financial stake in the startup coincided with significant policy wins for Reliance. Both the Trump family and Reliance have denied any conflict of interest or preferential treatment, with Reliance stating the investment was evaluated on commercial merits and strategic fit.
America First Refining, which aims to build the first major new oil refinery in the US in approximately 50 years, had struggled for over a decade to secure funding before its unexpected breakthrough. Records and sources familiar with the company indicate that Trump Jr. secretly acquired a stake in the startup, which is run by CEO John Calce, a serial entrepreneur with a history of bankruptcy and lawsuits alleging fraud.
The timing of the investment aligns with a broader pattern of overseas investors with interests before the administration putting money into Trump family business interests. Trump Jr. has amassed a fortune from stakes in various companies since the election, with Forbes estimating his net worth rose from roughly $50 million to $300 million. However, the size of his stake in America First Refining and what he paid for it remain unclear.
Trump Jr.’s personal lawyer, John Willding, previously took credit on social media for playing a part in the deal, though he later claimed he had zero involvement in the transaction. Willding registered a new entity in Wyoming listing Trump Jr.’s mansion as the address, stating his only role was handling legal paperwork for the Trump LLC’s investment. The company’s spokesperson called Willding’s initial comment false and described it as moronic.
America First Refining has leveraged its political connections during pitch meetings with foreign officials, with reports indicating the company emphasised backing from the Trump family to suggest potential White House access. Howard Lutnick’s firm, Cantor Fitzgerald, is acting as the financial adviser for the refinery, including on the Ambani investment. The National Energy Dominance Council has also reportedly assisted the company in meeting potential overseas investors.
Despite the political support, the project faces significant hurdles. Building the refinery at the Port of Brownsville is estimated to cost between $3 billion and $4 billion and take years to complete. Many energy industry insiders view the project as a long shot, citing the high costs and low profit margins associated with new refineries. The company has faced delays, layoffs, and legal challenges, with some of its claimed executives and storage terminals appearing to be fictitious.
In February, shortly before the Ambani investment became public, the company sought an extension on its permit from the Texas Commission on Environmental Quality. Internal emails obtained by ProPublica show state officials scrambling to approve the request quickly, with one official noting, “You can guess if you check out the name.” The approval was granted the following day.
The White House has stated there are no conflicts of interest regarding the deal. Reliance Industries declined to answer specific questions about the roles of Trump Jr. and Anant Ambani in the investment but maintained that the company did not receive any unique or preferential treatment from the US government. The Ambani family had previously cultivated relationships with the Trumps, including a $10 million development fee paid to the Trump Organization in 2024 for a project in Mumbai.
