India is helping build Mongolia's second oil refinery and has extended a $1 billion Line of Credit for it which was promised during PM Modi's maiden visit to the landlocked country
New Delhi: Engineering consultancy Navratna PSU Engineers India Ltd (EIL) and Mangolia's Mongol Refinery have signed a pact on the Project Management Consultancy (PMC) for setting up of Mangolia's second and the eastern province of DornoGobi's first oil refinery. The agreement was signed with Mongol Refinery State Owned LLC in presence of the Mongolian Minister of Mining Dolgorsürengiin Sumyaabazar and the Ambassador of India to Mongolia, MP Singh.
India has extended $1 billion line of credit for Mangolia
India will help build this oil refinery and has extended a $1 billion Line of Credit to Mangolia for the same. It is important to note here that PM Narendra Modi, during his 2015 visit to Mangolia, which was the maiden visit to the country by any Indian Prime Minister, had announced $1 billion credit line to build the refinery. The refinery will be built in the city of Sainshand in Dornogobi province and will have a capacity of 1.5 Million Metric Tonne Per Annum (MMTPA) which will be implemented with Exim Bank funding.
The construction of the refinery is expected to be completed by mid-2023.