Reliance Industries share price gained over a percent in early trade on Wednesday after US President Donald Trump announced a plan to build a new oil refinery in Brownsville, Texas, with the help of investment from Reliance Industries Ltd. Reliance share price rose as much as 1.74% to ₹1,433.65 apiece on the BSE.
Trump said the US will get its first new oil refinery in 50 years with the help of investment from India’s Reliance Industries Ltd.
“I am proud to announce that America First Refining is opening the FIRST new US Oil Refinery in 50 YEARS in Brownsville, Texas,” Trump said Tuesday in a post on Truth Social.
The Texas refinery is the same project that was previously being developed by Element Fuels, which announced in June 2024 that it had completed site preparation and secured the necessary permits to construct a facility capable of processing around 160,000 barrels of oil per day, according to a report by Bloomberg.
Element Fuels’ web address now redirects to the website of America First Refining, the company that Donald Trump said will develop the new refinery, the report added.
According to a statement released by America First Refining on Tuesday, the company plans to break ground on the refinery in the second quarter of this year and has already signed a 20-year agreement to sell the fuels it produces. The long-term sales deal has been signed with Reliance Industries.
Reliance Industries share price has declined more than 10% on a year-to-date (YTD) basis. The stock, however, has gained over 1% in the past six months, rallied about 12% over the past year, and delivered returns of around 31% over the last three years.
Technical Outlook
Reliance Industries share price is going through a consolidation phase wherein a support base has been formed at ₹1,300, according to Ruchit Jain, Head, Equity Technical Research, Wealth Management, Motilal Oswal Financial Services Ltd.
“However, the 50 DEMA at ₹1,435 swing high at ₹1,490 are the immediate resistances which needs to be surpassed for a trended upmove,” said Jain.
At 9:25 AM, Reliance share price was trading 0.92% higher at ₹1,422.05 apiece on the BSE.
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