America First Refining Landed 9-Figure Ambani Investment After Trump Jr. Took Secret Stake
Updated
Updated · ProPublica · Jun 9
America First Refining Landed 9-Figure Ambani Investment After Trump Jr. Took Secret Stake
1 articles · Updated · ProPublica · Jun 9
Summary
A nine-figure Reliance investment in America First Refining came after Donald Trump Jr. quietly bought into the Texas startup, whose stake size and purchase terms remain undisclosed.
Records and interviews indicate the company used Trump family ties in fundraising, with executives speaking regularly with Trump Jr. and pitching some foreign officials on White House access.
The deal arrived as Reliance, previously targeted by 50% U.S. tariffs over Russian oil purchases, won major policy relief including lower India tariffs and licenses or waivers tied to Venezuelan and Russian crude.
America First Refining was a struggling project before the investment—rebranded after years of delays, lawsuits and bankruptcy fights—and still faces a $3 billion to $4 billion buildout many investors view as unlikely.
The episode adds to scrutiny of Trump family business gains during the second term, with Trump Jr.'s net worth estimated by Forbes to have jumped from about $50 million to $300 million since the election.