Reliance Industries to set up $300 bn oil refinery in Texas: Donald Trump

US President Donald Trump in a post on Truth Social announced that Reliance Industries (RIL), India’s biggest private sector company, is setting up an oil refinery in Brownsville, Texas, as part of a $300 billion deal.

Trump thanked India and its largest privately held energy company, Reliance, for backing what he described as a historic investment to build the first new oil refinery in the US in half a century.

“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,” read the statement on Truth Social.

The US president said the initiative— the biggest in US energy history—will create thousands of jobs and drive economic growth in South Texas. Proposed to be set up at the Port of Brownsville, the refinery is expected to help boost growth in US economy and increase exports amid strengthening of national security.

Stating that the facility will be the cleanest refinery in the world, Trump credited his administration’s policies for attracting large-scale investment into the U.S. energy sector. “It is because of our America First agenda, streamlining permits and lowering taxes, that we have attracted billions of dollars in deals coming back to our nation,” he said.

“It will power global exports and bring thousands of long overdue jobs and growth to a region that deserves it,” Trump said.

Reliance has, however, not issued a statement about the announcement.