President Donald Trump announced Tuesday that the U.S. will get its first oil refinery in 50 years, funded by investments from Indian billionaire Mukesh Ambani’s Reliance Industries.
“THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY,” Trump said in a post on Truth Social.
He thanked India’s largest privately held energy company, Reliance Industries, “for this tremendous Investment.”
Reliance owns the world’s largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG data.
The new refinery, located at the port of Brownsville in Texas, will “strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD,” Trump said.
The refinery is designed to process 100% American shale oil and is being developed by America First Refining.
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Source: CNBC