Mumbai/IBNS-CMEDIA: Shares of Reliance Industries rose over 1 percent on Wednesday after Donald Trump, President of the United States, announced plans to build a new oil refinery in the country backed by investment from the Indian conglomerate.
The stock climbed about 1.74 percent to Rs 1,433.65 apiece on the Bombay Stock Exchange in early trade, according to a report by Mint.
The proposed refinery — the first to be built in the United States in nearly 50 years — will be located in Texas.
Announcing the development on Truth Social, Trump wrote: “This is a historic $300 billion deal — the biggest in U.S. history, a massive win for American workers, energy and the great people of South Texas.”
He thanked partners in India and their largest privately held energy company, Reliance Industries, for the investment.
Trump added that his administration’s “America First” policies — including faster permits and lower taxes — had helped attract major investments back into the country.
According to him, the refinery will be located at the Port of Brownsville and will supply fuel to US markets, strengthen national security, boost domestic energy production and generate billions of dollars in economic impact.
He said the facility would be the “cleanest refinery in the world”, supporting global exports while creating thousands of jobs and driving economic growth in South Texas.
The announcement comes at a time when global oil and gas markets are facing uncertainty amid escalating tensions in the Middle East following the killing of Ali Khamenei, the Supreme Leader of Iran, in a Tehran strike carried out by the United States and Israel on February 28.
