Cabinet approves a general plan to build An oil rEfinEry

Due to ever-growing demand for oil and fuel, the Mongolian government has entered a general agreement with Export-Import Bank of India for a loan to build an oil refinery in Mongolia.

Mongolia imports 100 percent of its oil, approximately 1-1.2 million tons of fuel a year valued at around one billion USD. More than 97 percent of Mongolia's gas and diesel fuel is imported from Russia.

The oil refinery project was approved during the latest meeting of Cabinet. Researching the technology needed for the refinery, project financing, establishing a 100 percent stateowned company, and determining its corporate structure, organization, bylaws, and working groups will all be overseen by the Prime Minister.