India, March 12 -- Billionaire industrialist Mukesh Ambani's Reliance Industries is set to participate in the development of what could become the first major new oil refinery built in the United States in nearly five decades. The announcement was made by US. President Donald Trump, who described the project as the "largest refinery deal in US history."

The refinery is planned at the Port of in Brownsville, Texas, and will be designed to process light crude derived entirely from US shale oil. The project is being led by energy developer America First Refining (AFR), which confirmed that a global energy major has committed significant investment and entered into a long-term commercial agreement tied to the facility's output.

Although AFR...