Trump Jr.-linked US refinery secures $100m+ investment from Reliance amid easing India-US tensions

A Texas refinery startup reportedly linked to US President Donald Trump's son, Donald Trump Jr., has secured an investment of at least $100 million from India's Reliance Industries, according to an investigation published by ProPublica.

The report said America First Refining, a company seeking to build a major oil refinery in Texas, received the investment from Reliance Industries while the Indian conglomerate was benefiting from a series of favourable policy developments from the Trump administration.

ProPublica reported that Trump Jr. quietly acquired a stake in America First Refining and maintained ties with the company, citing records and people familiar with the matter. The size of the stake and the terms of the investment were not disclosed.

A spokesperson for Trump Jr. told ProPublica that he is a passive minority investor with no operational involvement in the company and does not interact with the federal government on behalf of businesses in which he invests.

The investment followed a November 2025 visit by Trump Jr. to India, where he met with Anant Ambani, son of Reliance Chairman Mukesh Ambani and a key executive in the group's energy business.

According to the report, relations between Reliance and the Trump administration had been strained in 2025 after Washington targeted India's purchases of discounted Russian oil through higher tariffs. However, ties appeared to improve in subsequent months.

The Trump administration later reduced tariffs on India through a trade agreement and reportedly granted Reliance a licence to purchase Venezuelan oil. It also provided sanctions waivers related to Russian crude imports during the Iran conflict, according to the report.

Reliance denied receiving any special treatment from the US government and said its investment in America First Refining was based solely on commercial considerations.

"There is no connection between Reliance's investment in AFR and any unique measures associated with general US trade, tariff, sanctions or licensing outcomes," the company said in a statement cited by ProPublica.

The report also said America First Refining promoted its connections to Trump Jr. during discussions with potential foreign investors and that the company received assistance from the Trump administration in meeting overseas investors.

America First Refining's chief executive, John Calce, told a local outlet that the company had received support from the White House and the National Energy Dominance Council in connecting with potential investors abroad, according to the investigation.

Reliance's investment valued the refinery venture at at least $1 billion, the report said. However, industry experts quoted by ProPublica expressed doubts about the project's prospects, noting that no major new oil refinery has been built in the United States in decades due to high costs and limited profitability.

America First Refining rejected the allegations contained in the report, while the White House told ProPublica there were no conflicts of interest.