India backs Mongolia’s mega oil refinery project with $ 236 mn additional Line of Credit

Dharmendra Pradhan in Mongolia
Petroleum Minister Dharmendra Pradhan support Mongolia's mega refinery project

New Delhi: Expanding bilateral trade and investment relations between India and Mongolia, Petroleum minister Dharmendra Pradhan has commissioned the India-assisted infrastructure facilities for Mongolia’s proposed 1.5 MMT Oil Refinery Project with an additional US $ 236 million Line of Credit. Prime of Mongolia H.E. Ukhnaagiin Khurelsukh, along with his six Cabinet ministers, was also present on the occasion.

“This important event will pave the way to open a new chapter in our bilateral trade and investment relations. Shared Buddhist heritage and common belief in ideals of democracy sustain both our countries’ cordial relations and engagement,” said Pradhan in the ceremony.

India's Petroleum Minister

He added, “The construction of the 1.5 MMT Oil Refinery Project with Indian assistance is a shining example of our friendship.” “Happy to share that on Mongolian request, India has announced an additional US $ 236 million Line of Credit from India to Mongolia beyond the committed US$ 1 billion,” said Pradhan.

“I am glad that the Engineers India Ltd, Public Sector Undertaking of the Ministry of Petroleum and natural gas is providing project management consultancy services for this prestigious refinery project in Mongolia,” he added.

Dharmendra Pradhan in Mongolia

Meanwhile, he added, “On completion of the project, it will meet about three-fourth of Mongolian requirement of oil. India would be happy to partner with Mongolia to develop its infrastructure as per the priorities decided by the people and Govt. of Mongolia. India remains committed to working with the Govt. and people of Mongolia to further strengthen our Strategic Partnership for mutual prosperity.”

Accompanied by an official and business delegation, Pradhan has been on a three-day visit to Mongolia as a follow up of the State visit of the President of Mongolia to India in September 2019.

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