Trump says Reliance may partner in first new US oil refinery project in 50 years
NEW DELHI: US President Donald Trump on Wednesday said that India’s Reliance Industries is expected to invest or partner in the first new US oil refinery project in 50 years in Brownsville, Texas. In a social media post, Trump said the project could be a historic $300 billion investment.
“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,” said Trump in a social media post Truth Social.
The statement comes amid volatility in global oil supply and heavy dependence on West Asia for crude. As the war between Iran and Israel escalated, it has affected the global supply of fuel, particularly as the Strait of Hormuz, a narrow waterway in the Persian Gulf, has been disrupted. The disruption has pushed crude and gas prices higher globally and made supplies more vulnerable.
“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 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. 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!,” said Trump.
Reliance Industries operates the Jamnagar complex in Gujarat, the world’s largest single-site refining hub, with a capacity of 1.24 million barrels per day. The company accounts for more than 70% of India’s refined product shipments and is a major supplier to Europe and the United States.
Meanwhile, as the country faces a potential LPG supply shortage, Reliance Industries said it will maximise LPG production from its refining and petrochemicals complexes at Jamnagar, the world’s largest integrated refining hub.
In a press note, the company said its teams are working around the clock to optimise refinery operations and enhance LPG output for the domestic market. It also said that all natural gas produced from the KG-D6 Basin will be diverted to support supply to priority sectors, in line with national energy priorities and government guidelines.
“Reliance Industries is taking proactive steps and in line with the Government guidelines, to maximize LPG production from our refining and petrochemicals complexes at Jamnagar, the world’s largest integrated refining hub. Our teams are working around the clock to optimize refinery operations and enhance LPG output so that supplies to the domestic market remain stable and reliable,” said Reliance Industry in a press note.