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BTCC / BTCC Square / Global Cryptocurrency /
Trump Announces First New U.S. Oil Refinery in 50 Years, Backed by India’s Reliance Industries

Trump Announces First New U.S. Oil Refinery in 50 Years, Backed by India’s Reliance Industries

Author:
Global Cryptocurrency
Published:
2026-03-11 09:58:02
4
1
BTCCSquare news:

President Donald Trump unveiled plans for the first new U.S. oil refinery in half a century, a $300 billion project in Brownsville, Texas, backed by India’s Reliance Industries. The facility, set to break ground in Q2 2026, will process 168,000 barrels per day of domestic shale oil, with Reliance committing to a 20-year offtake agreement.

Market skepticism persists. Analysts question the necessity of additional Gulf Coast refining capacity amid plateauing fuel demand and the energy transition. The announcement lacked operational details, though Trump framed it as a historic economic win on Truth Social.

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