In a major announcement, US President Donald Trump on Tuesday (local time) said that the United States will open its new oil refinery in 50 years, with investment support from Reliance Industries Limited of India.
In a post on Truth Social, Trump said that the new refinery would fuel American markets and strengthen national security, along with boosting energy production.
“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," the US President said.
Trump stated that the setting up of the new refinery comes due to his “America First Agenda," which has streamlined permits and lowered taxes, allowing “billions of dollars in deals coming back to our nation".
He added that the new refinery would deliver billions of dollars in economic impact and create thousands of jobs in the region.
“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," he added.
“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!"
As per the press release, America First Refining in February received a 9-figure investment from a global supermajor at a 10-figure valuation.
An official statement from Reliance Industries Limited is still awaited in the matter.
The announcement comes amid the ongoing West Asia conflict that is significantly disrupting global energy supplies, particularly around the Strait of Hormuz, where approximately 20 percent of the world’s oil transits.
White House Press Secretary Karoline Leavitt on Tuesday, during a press briefing, said that the oil and gas prices would soon come down, potentially even lower than what they were before the start of Operation Epic Fury.
“Rest assured to the American people, the recent increase in oil and gas prices is temporary and this operation will result in lower gas prices in the long term. Once the national security objectives of Operation Epic Fury are fully achieved, Americans will see oil and gas prices drop rapidly, potentially even lower than they were prior to the start of the operation. We will live in a world where Iran can no longer threaten the United States or our allies with a nuclear bomb," she said.
Notably, the Strait of Hormuz is one of the world’s most critical shipping routes, through which a significant portion of global oil and gas supplies passes.
