The United States is set to get its first new oil refinery in 50 years at the Port of Brownsville, Texas, with Mukesh Ambani’s Reliance Industries joining the $300 billion project. President Trump described the deal as the ‘largest in U.S. history’ and a significant boost to American energy production.
“Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas,” Trump wrote on the social media platform Truth Social, adding that the project represents a “historic $300 billion dollar deal.”
Trump revealed that the refinery project will be undertaken by America First Refining, with financial backing from Reliance Industries, India's largest private sector company.
Trump referred to the investment as 'the largest in U.S. history' and expressed gratitude to 'our partners in India, and their largest privately owned Energy Company, Reliance, for this significant investment.' Reliance Industries has not yet verified Trump's statement. Reliance has not yet confirmed the claim, though its shares rose 2% to Rs 1,434 on Wednesday.
The refinery, planned at Texas’ Port of Brownsville, will supply domestic fuel, boost U.S. exports, create thousands of jobs, and, Trump said, be “the cleanest refinery in the world.” He credited his administration’s streamlined permits and lower taxes for attracting the investment and economic growth.
