The landmark U. S. oil refinery project announced by President Donald Trump earlier this week marks a fundamental shift in global energy dynamics, with India's Reliance Industries -- controlled by Asia's richest person, Mukesh Ambani, backing the deal, according to Chicago-based research firm Zacks Investment Research.

Trump announced the proposal in a Truth Social post, saying the project would be developed with partners from India, including energy company Reliance, though details of the deal were not immediately available.

Phillips 66 has agreed to buy the collapsed Prax Lindsey oil refinery out of administration, but revealed plans to integrate the operations into a neighbouring site in north-east Lincolnshire.