“Shark Tank” star and O’Leary Ventures chairman Kevin O’Leary revealed his plans for his next big project, and it strays far from the businesses he typically invests in.
On FOX’s “The Big Money Show” Tuesday, O’Leary announced that he plans to build a massive oil refinery somewhere in the United States that he says is estimated to cost around $14 billion.
“I’m at that stage in my life where I want to do something big,” O’Leary said about his newest multi-billion dollar venture. “I’m going to syndicate that debt and that equity. I’m going to find a state that wants to work with me. I’m going to get a permit and we’re going to do the right thing for America. We have to have more refineries.”
The news came after an audience member expressed concern over the lack of U.S. energy independence and the rising rates of inflation, suggesting that commodities like gas prices might soon spike again in the coming months.
O’Leary clarified that his decision to get involved with infrastructure and energy issues is “Not politics, its policy.”
“The Middle East, which produces most of the world’s oil, has already told every economy including ours ‘do not depend on us in perpetuity for your energy, if you can find your way to energy independence, you do it and in fact, we’ll invest in it for you because we have to supply energy to the entire world,'” O’Leary told viewers.
The “Shark Tank” star has long been a fan of energy investments, telling FOX’s “Kudlow” in February that even though “everybody hates energy” he loves it as an investment.
“Go where people hate it,” he said. “Energy is the driving pivot.”
O’Leary and his vast portfolio of companies recently fell victim to the collapse of Silicon Valley Bank earlier this year, noting that he had moved his assets into five different financial institutions following the failure.
“The franchise value of the words ‘Silicon Valley Bank’ has been trashed,” he said bluntly at the time. “It’s no better than radioactive waste. It’s become the poster boy for idiot management.
O’Leary’s net worth as of Wednesday morning was an estimated $400 million.