New Delhi, March 12 -- Springing a surprise, US President Donald Trump on Wednesday announced a plan for what he called America's first new refinery in half-a-century, backed by investment from India's Reliance. To be built by America First Refining, it is part of a deal whose value Trump put at $300 billion, calling it the biggest in US history.

"Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment," he said in a Truth Social post.

The exact details of the project are unclear as of now. Still, Trump's exuberance is a sharp contrast from his administration's past denunciation of India's "energy titans" for allegedly supporting Russia's war machine by buying oil fro...