Trump announces new US oil refinery
Amid volatile energy markets, Trump announced the U.S.'s first new oil refinery in 50 years, backed by India's Reliance Industries.
The refinery, to be built in Brownsville, Texas, is being touted as a $300 billion deal. Trump says it's the "biggest in U.S. History". Reliance Industries, an Indian multinational conglomerate, is backing the project. The company's primary business is in energy, petrochemicals, and natural gas. Trump stated that the refinery is a result of his "America First Agenda," which streamlined permits and lowered taxes. He also said it will be "the cleanest refinery in the world". The refinery is projected to fuel U.S. markets, boost energy production and exports, and create jobs in South Texas. Lack of clarity around the investment size and timeline means markets are likely to await further details.
