Shares of Reliance Industries Ltd. traded higher early Wednesday session after US President Donald Trump announced the opening of a mega oil refinery in Texas built with investment from the Mukesh Ambani-led conglomerate. It will be the country's first new refinery in 50 years with a record investment of $300 billion, the leader said.
In a post of on Truth Social, Trump claimed the America First Refining project in Brownsville would "fuel U.S. Markets, strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD (sic)".
"Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment," he added.
RIL operates the world's largest refining complex in Gujarat's Jamnagar, where it produces several petroleum products including diesel and jet fuel.
RIL To Raise LPG Output
In a separate development, Reliance said it is taking proactive steps and in line with the government guidelines, to maximize LPG production at Jamnagar.
"At a time when global energy markets are experiencing volatility, ensuring uninterrupted access to essential fuels for Indian households remains a national priority. Our teams are working around the clock to optimize refinery operations and enhance LPG output so that supplies to the domestic market remain stable and reliable. At the same time, natural gas produced from the KG-D6 Basin will be diverted to support supply to priority sectors, in line with national energy priorities and Government guidelines," a statement said.
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RIL Share Price Today
RIL share price went as high as 1.8% to Rs 1,434 on the NSE, compared to a 0.3% decline in the benchmark Nifty 50. RIL added the most in terms of points contribution to the blue-chip index. The stock is up 13% on a 12-month basis.
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