Pradhan: Mongolia oil refinery to be ready in 3 years
The $1-billion oil refinery being built with Indian aid in Mongolia will be completed by December 2022 and will meet about three-fourths of Mongolian oil requirement, Union Minister Dharmendra Pradhan said on Friday.
He was speaking at a meeting attended by a Mongolian business delegation led by the country’s President Khaltmaagiin Battulga, who is on a five-day visit to India.
“India and Mongolia, enjoy cordial relations and a warm friendship. The construction of $1 billion oil refinery with 1.5 million metric tonne capacity with Indian assistance is a shining example of our friendship,” the minister said.
State-run Engineers India is providing engineering consultancy services for this prestigious refinery project in Mongolia which will be completed by December 2022, and will meet about three-fourths of Mongolian requirement of oil, Pradhan said.
A project of this magnitude will help develop ancillary industries related to refinery and pipeline operations. This would directly and indirectly promote associated economic activities in Mongolia, he added. The Mongolian President said his visit to India provides opportunities to further broaden and strengthen ties in all sectors.
"During the visit of Prime Minister Narendra Modi to Mongolia, India extended soft loan credit line of one billion dollars for construction of oil refinery in Mongolia. Today we are concluding the construction of roads, railways and power line for the refinery. The construction of refinery provides many opportunities for Mongolian and Indian entrepreneurs," Battulga said.
Cooperation in the field of information and technology is another area to work together, he said.