Trump announces historic $300 billion oil refinery in Texas, thanks Reliance

United States President Donald Trump on Tuesday said that a new oil refinery will be set up in Texas, with investment from the country’s “partners in India” and the Mukesh Ambani-led conglomerate Reliance Industries.

The company, America First Refining, would set up the “first new US oil refinery in 50 years” in Texas’ Brownsville, the US president added.

The announcement came as global oil prices have spiked amid the conflict in West Asia, with escalating tensions raising fears of disruption to shipments through the Strait of Hormuz. The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of the global petroleum supply passes through the maritime chokepoint.