RIL to make major investment in US refinery: Trump

IndiGo and Air India Group said to have sought the relief following the West Asia conflict

- Nehal Chaliawala [e-mail]

Donald Trump thanked Reliance for the investment.

(AP)

In the wee hours of Wednesday, India time, President Donald Trump announced that Reliance Industries Ltd will partner America First Refining to set up the first new refinery in the US in nearly 50 years, in a deal valued at $300 billion.

Reliance Industries, however, had not confirmed the development as of press time. Shares initially surged but reversed to close 1.27% lower at 1,391.1 on the BSE, while the Sensex ended 1.72% down.

"Today I am proud to announce that America First Refining is opening the first new US oil refinery in 50 years in Brownsville, Texas," Trump wrote on Truth Social. "Thank you to our partners in India, and their largest privately held energy company, Reliance, for this tremendous investment."

Separately, America First Refining said that it received a "9-figure investment from a global supermajor at a 10-figure valuation," in February without naming the investor. (A 10-figure valuation ranges between $1-9.9 billion; a 9-figure investment between $100-999 million.) The company also said it had signed a binding 20-year offtake term sheet with the unnamed investor.

Reliance did not respond to Mint's requests for comment. The lack of confirmation from Reliance and the anonymity of America First's investor leaves unclear the Indian company's role in the project.