Washington, DC: India’s energy giant Reliance Industries Ltd (RIL) has invested big in a oil refinery in Texas, USA.
US president Donald Trump, on Tuesday, thanked RIL for investing in the project while announcing the opening of the refinery in Brownsville, Texas.
The refinery would help power American energy markets and strengthen the country’s energy security, Trump posted on his social media platform Truth Social, as reported by Financial Express.
“America is returning to real energy dominance! Today I am proud to announce that America First Refining is opening the first new US oil refinery in 50 years in Brownsville, Texas. This is a historic $300 billion deal – the biggest in US 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.
The refinery is part of a $300 billion deal, the US president said. It was not immediately clear though whether that figure referred only to the refinery project or to a broader agreement involving India. Trump’s post thanked Reliance for its investment, but further details about the financial structure of the deal were not immediately available.
The refinery would create thousands of jobs and help improve the country’s energy security, Trump said.
“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 US 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!” Trump said.
The refinery in Brownsville, Texas, could mark a major development for the US energy industry, especially as global demand and supply concerns continue to shape the oil market.
The announcement comes at a time when the conflict in West Asia has spread to several countries with Iran carrying out retaliatory strikes using missiles and drones.
Iran has targeted US military bases, embassies and energy infrastructure in several Gulf countries, including the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain, and Jordan.
White House Press Secretary Karoline Leavitt however, said that the recent rise in oil and gas prices would not last long.
“Rest assured to the American people, 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.
