Reliance Industries is expected to support a $300 billion oil refinery project planned at the Port of Brownsville, which U.S. President Donald Trump said would be the first new refinery built in the United States in nearly 50 years, The Economic Times reported.
In a post on the social media platform Truth Social late Tuesday, Trump said the refinery would be developed by America First Refining and described the project as the largest investment of its kind in the country’s history.
The U.S. president said the planned refinery in Brownsville, Texas, would supply fuel to domestic markets while also supporting the country’s energy exports.
Trump also thanked India’s largest private sector company, Reliance Industries, and its chairman Mukesh Ambani for supporting the investment.
Reliance Industries has not yet confirmed Trump’s statement about the project. However, the company’s shares rose about 2 percent to Rs 1,434 on the Bombay Stock Exchange on Wednesday.
According to Trump, the refinery will be located at the Port of Brownsville, an important shipping hub along the U.S. Gulf Coast. He said the project is expected to increase fuel supply in the United States and strengthen the country’s energy sector.
Trump also said the facility would use advanced systems aimed at reducing environmental impact, calling it the cleanest refinery in the world.
The project is expected to create thousands of jobs and bring economic activity to South Texas. Trump said the investment would also support exports of fuel to global markets.
He linked the project to his administration’s economic policies, saying faster approvals and lower taxes have encouraged companies to invest large amounts of money in the United States.
