President Donald Trump on Tuesday (local time) announced that the opening of the first new US oil refinery in 50 years in Brownsville, Texas, with the investment help from India's Reliance Industries Ltd. Announcing the 'historic' $300 billion dollar deal on his social media platform Truth Social, Trump thanked energy giant Reliance Industries for the 'tremendous' investment.
US oil refinery in Texas
"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," he said.
He said that the that the new refinery would fuel American markets and strengthen national security, along with boosting energy production.
"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!", he said.''
West Asia conflict
This comes amid the ongoing West Asia conflict, which has widened beyond Iran, with Iranian retaliatory attacks—using missiles and drones—targeting US military bases, embassies, and civilian and energy infrastructure in neighbouring Gulf countries, including the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Jordan.
The regional conflict intensified after the killing of 86-year-old Iran's Supreme Leader, Ali Khamenei, in joint US-Israeli strikes on February 28. In response, Iran carried out missile and drone attacks on Israeli and US targets across several Gulf nations. The escalation has disrupted shipping through the Strait of Hormuz, a key global energy corridor, impacting international oil supplies, energy markets, and global economic stability.
The escalation has also disrupted global energy supplies, particularly around the Strait of Hormuz, a crucial maritime route through which about one-fifth of the world's oil is transported. 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.
Also Read: Iran-Israel War: Ukraine to send military experts to Gulf nations to help down Iranian drones