Reliance Industries share price gained over a percent in early trade on Wednesday after US President Donald Trump announced a plan to build a new oil refinery in Brownsville, Texas, with the help of investment from Reliance Industries Ltd. Reliance share price rose as much as 1.74% to ₹1,433.65 a piece on the BSE.
Trump said the US will get its first new oil refinery in 50 years with the help of investment from India’s Reliance Industries Ltd.
“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 Tuesday in a post on Truth Social.
The Texas refinery is the same project that was being developed by Element Fuels, which announced in June 2024 it had completed site preparation and received the necessary permits to construct a plant capable of processing about 160,000 barrels of oil daily, Bloomberg reported.
Element Fuels’ web address now redirects to the website for America First Refining, the company Trump said will open the new refinery, the report added.
The company plans to break ground on the new refinery in the second quarter of this year and has already signed a 20-year agreement to sell the fuels it produces, according to a Tuesday statement from America First Refining. The sales deal was made with Reliance.
At 9:25 AM, Reliance share price was trading 0.92% higher at ₹1,422.05 apiece on the BSE.
