Reliance Industries, the energy conglomerate controlled by billionaire Mukesh Ambani’s family, put a nine-figure investment into a little-known Texas refinery startup that Donald Trump Jr. had quietly backed, according to ProPublica.
The deal matters because Reliance had business directly affected by President Donald Trump’s trade and sanctions policy. ProPublica reported, citing records and seven people familiar with America First Refining, that Trump Jr. acquired a stake in the company before Reliance’s investment was announced. The size of the stake and what Trump Jr. paid remain unclear.
America First Refining says it wants to build the first major new U.S. oil refinery in about half a century. ProPublica reported that the company, previously called Element Fuels, had spent more than a decade missing deadlines, changing names and struggling to raise money. Its chief executive has faced bankruptcies and lawsuits alleging fraud, according to ProPublica. The company told ProPublica the claims were false but did not specify which claims it disputed. The CEO previously denied wrongdoing in the lawsuits, which ProPublica said were settled or dropped.
Pressure on Reliance, then a refinery deal
The Ambani family had cultivated ties with the Trumps before the refinery investment. Reliance paid the Trump Organization $10 million in 2024 as a development fee for a Mumbai project, according to President Trump’s financial disclosure cited by ProPublica. Reliance told ProPublica that the real estate project is real and remains under development.
Relations later turned rough. In August 2025, Trump raised tariffs on India to 50% as part of an effort to pressure companies such as Reliance to stop buying discounted Russian oil, ProPublica reported. White House trade adviser Peter Navarro publicly criticized “India’s politically connected energy titans” for helping fund Russia’s war effort, a line widely read as aimed at Reliance and the Ambanis.
In late November, Trump Jr. visited Anant Ambani in Jamnagar, India. Instagram posts cited by ProPublica showed Trump Jr. touring Vantara, the Ambani family’s private animal sanctuary, and attending a Gujarati dance event. The following week, Element Fuels filed paperwork to create America First Refining LLC, according to ProPublica.
Reliance announced its investment four months later. President Trump personally promoted the deal on Truth Social and thanked the Ambani company for its investment, ProPublica reported.
Access claims and denials
ProPublica reported that America First Refining highlighted its Trump Jr. ties while pitching foreign investors. Trump Jr. joined company leaders for a meeting in South Florida with potential Saudi investors, according to two people familiar with the matter. Another foreign government official told ProPublica that company representatives emphasized Trump family backing and suggested an investment could help with White House access.
A spokesperson for Trump Jr. told ProPublica that he has no operational role at America First Refining and is a passive minority investor. The spokesperson also said Trump Jr. does not deal with the federal government for companies he invests in or advises. ProPublica said it found no evidence Trump Jr. knew refinery executives had suggested an investment would help with White House access.
Reliance told ProPublica there was no link between its investment and U.S. trade, tariff, sanctions or licensing decisions. The company said the investment was approved for commercial reasons and that it received no unique or preferential treatment from the U.S. government. The White House told ProPublica there were “no conflicts of interest.”
ProPublica also reported that John Willding, Trump Jr.’s personal lawyer, registered a Wyoming entity called TX Fuels LLC at Trump Jr.’s Jupiter, Florida, home and said he handled legal paperwork for that entity’s investment in America First Refining. After the Reliance deal was announced, Willding wrote on LinkedIn that he was proud to have been part of it. He later told ProPublica he had not advised America First Refining and had no role in its deal with Reliance.
This story draws on original reporting from Techdirt.
