U.S. President Donald Trump announced Tuesday the upcoming construction of a new oil refinery in Brownsville, described as the first facility of its kind to be built in the United States in half a century, with an estimated cost of $300 billion.

“The United States is regaining its REAL ENERGY DOMINANCE! Today, I am proud to announce that America First Refining is opening the FIRST new American oil refinery in 50 YEARS in Brownsville, Texas,”

Trump wrote on his social media platform Truth Social.

According to the White House occupant, the project represents a “HISTORIC $300 BILLION DEAL, THE LARGEST IN U.S. HISTORY.” He described it as “a tremendous victory for American workers, the energy sector, and the people of South Texas.”

Trump also highlighted the involvement of foreign investors, notably the Indian private energy group Reliance Industries, thanking Indian partners for what he called a “major investment.”

“It is thanks to our America First agenda, permit streamlining, and tax cuts that billions of dollars have been invested in our country,” he said.

According to the U.S. president, the new refinery, which will be located at the Port of Brownsville, will help strengthen the country’s energy security, support domestic production, and boost exports to international markets.

The project is expected to generate billions of dollars in economic benefits and become “the cleanest refinery in the world.” It will also support global exports while bringing thousands of jobs and long-awaited economic growth to the region, Trump added.

“This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!” the U.S. president wrote.