India, March 11 -- US President Donald Trump on Tuesday announced plans to build the first new oil refinery in the United States in nearly 50 years, backed by investment from Reliance Industries of India.

The refinery will be constructed in Brownsville, Texas, Trump said in a post on the social media platform Truth Social.

"America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new U.S. Oil Refinery in 50 YEARS in Brownsville, Texas," Trump wrote.

He described the project as a "historic" USD 300 billion deal.

"THIS IS A HISTORIC $300 BILLION DEAL - THE BIGGEST IN U.S. HISTORY, A MASSIVE WIN for American workers, energy, and the great people of South Texas," Trump sa...