US President Donald Trump on Tuesday announced a “historic” $300 billion deal to build the first new oil refinery in the country in 50 years, backed by investment from India’s Reliance Industries. The project, planned at the Port of Brownsville in Texas is expected to increase energy production and generate thousands of jobs.Trump made the announcement in a post on the social media platform Truth Social, describing the project as a landmark deal for the US energy sector.“America is returning to REAL ENERGY DOMINANCE! Today I am proud to announce that America First Refining is opening the FIRST new US Oil Refinery in 50 YEARS in Brownsville, Texas. THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN US HISTORY, A MASSIVE WIN for American Workers, Energy, and the GREAT People of South Texas!” Trump said.“Thank you to our partners in India, and their largest privately held Energy Company, Reliance, for this tremendous Investment,” Trump added.According to the US president, the refinery project was made possible due to his administration’s policies aimed at boosting domestic industry.“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,” he said.Trump said the new refinery would fuel US markets, strengthen national security and boost energy production, while also creating significant economic impact in the region.“A new Refinery at the Port of Brownsville will fuel US 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,” he said.He further claimed the facility would support global exports and generate thousands of jobs in South Texas.“It will power Global Exports, and bring THOUSANDS of long overdue Jobs and Growth to a Region that deserves it. This is what AMERICAN ENERGY DOMINANCE looks like. AMERICA FIRST, ALWAYS!” Trump added.The announcement comes as the Trump administration continues to pursue its policy of “energy dominance,” which supports expanding production of oil, natural gas and coal.It also comes at a time when global oil and gas supplies have faced disruptions amid the escalating Middle East conflict pushing energy security and supply concerns to the forefront.