'Historic $300 billion deal': Donald Trump says Reliance to invest in first new oil refinery in 50 years

US President Donald Trump on Tuesday announced that his country is setting up a new oil refinery in Brownsville, Texas and thanked Reliance Industries for its role in the $300 billion project.

This will be the first new oil refinery in the US for the first time in about half a century. "I am proud to announce that America First Refining is opening the FIRST new US Oil Refinery in 50 YEARS in Brownsville, Texas," Trump said in a post on Truth Social.

"Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment," Trump said while unveiling the project.

Reliance is India's largest private sector company was identified only as a "global supermajor" in the America ⁠First statement. However, Trump named ‌the company in the post and provided a "9-figure investment" at a "10-figure valuation."

Reliance also signed "a binding 20-year offtake term sheet" with America First meaning the company will buy products the refinery produces.

The deal is aimed at boosting American energy production and strengthening economic ties with international partners. Further, Trump said the refinery will help fuel domestic markets and increase exports while strengthening US national security.

"A new refinery at the Port of Brownsville will fuel US markets, strengthen our national security and boost American energy production," Trump said.

He also claimed the facility would become "the cleanest refinery in the world". while making billions of dollars in economic impact.

According to American First Refining, the 168,000 barrel-per-day (bpd) refinery will be built along the US-Mexico border.

"This project represents a historic step forward for American energy production," said John V. Calce, chairman and founder of America First Refining. "For the first time in half a century, the United States will build a new refinery designed specifically for American shale ​oil."