Morgan Stanley is spearheading equity and debt fundraising for a $4 billion Texas oil refinery, the first major US project of its kind in 50 years. America First Refining Chief Commercial Officer Tom Ramsey announced the fundraising is ongoing "as we speak" at a conference in Galveston. The project, located in Brownsville near the US-Mexico border, has drawn investment from Reliance Industries, which agreed to a 20-year fuel purchase.
With operations slated for 2029, the refinery will process Texas crude. The Trump administration backs the initiative as part of an energy dominance strategy. Vice President JD Vance recently announced government support for a Delek US Holdings refinery under the Defense Production Act.
America First Vice Chairman Nick Ayers, a former White House chief of staff, is also involved. The facility sits approximately 25 miles from Elon Musk's Starbase launch complex.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing