Reliance joins $300B Texas refinery project, Trump calls it 'historic'
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United States President Donald Trump announced Tuesday a new oil refinery in Texas' Brownsville, backed by Indian partners including Mukesh Ambani's Reliance Industries.
America First Refining will build the "first new US oil refinery in 50 years," Trump said in a Truth Social post. "This is a historic $300 billion deal. The biggest in US history, a massive win for American workers, energy and the great people of South Texas."
He thanked "Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment."
Details on Reliance's role or investment remain unclear. America First Refining disclosed a nine-figure investment from a global "supermajor" this year, valuing the project at ten figures, without naming the partner.
The news comes as West Asia conflict—sparked February 28 by Israel-US strikes on Iran, followed by Tehran's retaliation on Israel, US bases, Gulf cities like Dubai, and ships—spiked oil prices. About 20% of global petroleum flows through the Strait of Hormuz.
Brent crude hit over $100/barrel Monday, the highest since July 2022, before dipping below $90 Wednesday.