Reliance to Back First New US Refinery in 50 Years in $300 Billion Deal, Says Trump
According to Trump, the project represents a historic $300 billion deal, which he described as the largest investment agreement in US history. The announcement highlights growing energy cooperation between the United States and India.
Trump said the new refinery will mark a significant milestone for the US energy sector, as no new refinery has been built in the country in five decades. The facility is expected to strengthen domestic refining capacity and support long-term energy security.
The US President also expressed appreciation for India’s role in the investment, thanking partners in India and specifically acknowledging Reliance Industries as the largest privately held energy company in India for backing the project.
The development signals a major cross-border energy partnership and could reshape investment flows in the global refining industry if the project moves forward as announced.
Stay ahead of market trends with the Credco app. For any queries, please reach out to us via WhatsApp at +918448083211.
Related on the Wire
- Crude·Thursday, 5 November 2026
Oil Prices Hit Two-Month Lows as US Midterm Results Boost Iran Deal Hopes
Crude oil prices extended their recent losses on Wednesday, November 4, falling by more than 8% to their lowest levels in over two months. The sharp decline followed the US midterm election results, which strengthened expectations that Washington could seek a diplomatic resolu…
Read story - Markets·Thursday, 5 November 2026
India Plans $75 Billion Refining and Petrochemical Expansion
India has announced a substantial $75 billion investment plan aimed at expanding its refining and petrochemical capacity across seven major projects. This ambitious initiative will encompass new refineries, capacity expansions, and integrated petrochemical complexes in various…
Read story - Crude·Wednesday, 4 November 2026
India’s Reliance Oil-to-Chemicals FY Q2 Earnings Surge Amid Polymer Market Challenges
Reliance Industries reported a significant 68% increase in its oil-to-chemicals segment earnings for the fiscal second quarter, driven by improved margins. This comes amid a challenging environment for the Indian polymer market, where domestic demand fell by 3.5% year-on-year …
Read story - Markets·Tuesday, 3 November 2026
European Gas Prices Recover as IEA Flags Lowest Winter Storage in 13 Years
European natural gas prices moved higher on Tuesday, November 3, following a steep decline in the previous session. Market sentiment remained influenced by concerns over limited winter supplies, as the International Energy Agency (IEA) warned that Europe was entering the heati…
Read story