Sharing of resources with strategic partner! India extends 1 bn to Mongolia to start 1st ever refinery
New Delhi, May 14: India is extending her bilateral relations with all over the world. India is taking many international initiatives to enrich relations. Furthering this, India has extended a $1 bn line of credit to Mongolia to set up its 1st ever grass-root refinery in Sainshand, Dornogobi Province with a capacity of 1.5 MMTPA, implemented with Exim Bank funding.
This refinery is expected to cut some of Mongolia’s dependence on Russian Fuel. This petrochemical unit would cost about $1.25 billion.
As per the official statement, “The establishment of this refinery will be a significant step towards the reduction of import dependence and will ensure energy security for the country”.
Further, the statement said, “When signed, the project will be the largest being undertaken by the government of India under its Lines of Credit program”.
The establishment of this refinery will be a significant step towards the reduction of import dependence and will ensure energy security for the country.
The official statement added that as of now the negotiations were still on, many issues have already been resolved and others narrowed down.
Besides the petrochemical complex, expected to be completed by 2022, India will also be taking up work for a 19 km of the power transmission line to connect the refinery to existing networks.