Reliance to invest in new US refinery in Texas

US President Donald Trump has announced a new refinery in Brownsville, Texas, with investments from Indian refining giant Reliance Industries Limited (RIL). According to Trump, the Brownsville refinery, the first new refinery in the US in five decades, entails a $300-billon deal. The refinery will be built by America First Refining, which plans to break ground on the project in the April-June quarter this year. The project comes at a time when there is a sharp spike in crude oil and fuel prices globally.

 “America is returning to REAL ENERGY DOMINANCE! 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. THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas! Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment,” Trump posted on Truth Social.

“It is because of our America First Agenda, streamlining Permits, and lowering Taxes, that have attracted Billions of Dollars in Deals coming back to our Nation. A new Refinery at the Port of Brownsville, will fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD. It will power Global Exports, and bring THOUSANDS of long overdue Jobs and Growth to a Region that deserves it. This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!” he said.

Although the refinery will take years to be built, it is being seen as a signal from Trump amid increasing fuel prices in the US with mid-term elections in the country just a few months away. The last major refinery built in the United States was the Marathon Refinery, built way back in 1976, when oil cost under $5 a barrel.