U.S. President said India's largest private energy company Reliance Industries is investing in a $300-billion refinery project in Texas.

The project—which would be first new oil refinery to be constructed in the U.S. in 50 years—is expected to produce 1.2 billion barrels of light shale oil worth $125 billion and 50 billion gallons of refined products valued at $175 billion.

A new oil refinery planned for Brownsville could bring thousands of jobs and a major energy investment to the region. But it could also pose risks to the region's environment and water supply.