Trump says India’s Reliance will back first new US oil refinery in 50 years
US president hails new project in Brownsville, Texas, as Iran war drives higher fuel prices
US president hails new project in Brownsville, Texas, as Iran war drives higher fuel prices

Reliance Industries has made no announcement to the stock exchange about the project in Brownsville, Texas

US permission to buy ‘on-water’ crude leaves Indian refiners still facing Middle East supply shock

Groups including Reliance stand to benefit as they seek low-cost alternative to sanctioned Russian supply

New Delhi describes threat as ‘unjustified and unreasonable’

Soaring fuel prices and access to cheap North American crude oil put American refiners in pole position

Deal comes as Donald Trump faces pressure to limit energy price increases triggered by Iran war