Shares of Reliance Industries rose after Donald Trump announced a massive US oil refinery project reportedly backed by the company. The development has drawn investor attention as it signals a potential expansion of Reliance’s global energy footprint.
Reliance Industries' share price has declined more than 10% year-to-date (YTD). The stock 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.
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.
Trump added: “It is because of our America First Agenda, streamlining Permits, and lowering Taxes that have attracted billions of dollars in deals coming back to our nation. A new refinery at the Port of Brownsville will fuel US Markets, strengthen our National Security, and boost American Energy production.”
The Texas refinery was initially developed by Element Fuels, which was announced in June 2024. 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 reports.
According to a statement released by America First Refining on Tuesday, 10 March 2026, the company plans to break ground on the refinery in the second quarter of this year. It has already signed a 20-year agreement to sell the fuels it produces. The long-term sales deal with Reliance Industries has been signed.
Reliance Industries' share price gained over 1% in early trade on Wednesday, 11 March 2026, after Donald Trump’s announcement. Its share price rose as much as 1.74% to Rs. 1,433.65 apiece on the BSE.
Reliance Industries' share price is in a consolidation phase, with a support base at Rs. 1,300, according to Ruchit Jain, Head, Equity Technical Research, Wealth Management, Motilal Oswal Financial Services Ltd.
“However, the 50 DEMA at Rs. 1,435 swing high at Rs. 1,490 are the immediate resistances that need to be surpassed in a trended upmove,” said Jain.
Analysts said investors will watch for further clarity on the scale, timeline, and financial structure of the proposed refinery project to assess its long-term impact on Reliance’s earnings and global energy strategy.
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Mukesh Ambani’s company already operates the world’s largest refining complex in Jamnagar, Gujarat. It processes a wide range of crude grades and exports refined fuels to international markets.
Market participants said the announcement reinforced expectations that Reliance’s oil-to-chemicals business could benefit from greater international exposure and strategic partnerships in the refining sector.
Reliance Industries’ involvement in a major US refinery project reflects its broader strategy to expand beyond India and strengthen its presence in global energy markets. Such large-scale investments could reinforce the company’s position as a key player in international refining and energy infrastructure.