India, March 11 -- US President Donald Trump has announced that the United States will see the construction of its first new oil refinery in five decades, describing the development as a major step for the country's energy sector.

The refinery project will be developed by America First Refining at Brownsville, Texas. According to the announcement, the project will also involve investment from India's Reliance Industries.

The refinery plan has gained momentum in recent months. In February, America First Refining secured a nine-figure investment from a global energy major at a ten-figure valuation, providing a financial boost to the project, according to a press release.

Alongside the investment, the company also signed a binding 20-year...