Ulaanbaatar
Government to render all-round support to oil refinery project
Economy
Ulaanbaatar /MONTSAME/ Prime Minister U.Khurelsukh visited “Mongolian Oil Refinery” state-owned company today, August 19.
Within the framework of the project, 12 fundamental technological facilities for oil refinery, their ancillary facilities, infrastructure and an industrial town will be built. The construction is planned to take place in the following four stages.
- Non-technological
buildings and facilities, water pipeline and infrastructure work of the
industrial site
- Initial
processing and ancillary facilities
- Power
station of the plant
- Technological facilities with deep processing license
The first stage of construction work has been running according to its schedule, authorities of the company underlined.
The oil refinery is expected to put into operation in 2023 with yearly capacity of 1.5 million tons of oil processing. In doing so, it will produce 43 thousand tons of liquefied natural gas, 339 thousand tons of automotive fuel, 824 thousand tons of diesel fuel, 80 thousand tons of aviation fuel and 47 thousand tons of stove fuel.
Mongolia imports oil products worth USD 1 billion a year. According to the preliminary estimation, as the money stays in the country, the exchange rate will stabilize, GDP will increase by more than 10 percent, and state and local budget revenues will be raised by USD 150 million. Moreover, 600 jobs will be created in addition to developing small and medium sized businesses along with establishment of the oil refinery.
Established
in 2017, Mongolian Oil Refinery Company has over 70 engineering and technical
staff and over half percent of its all staff acquired education in foreign
countries.
Noting that the Government has set a goal to fully meet its need of energy, oil and healthy food through domestic production and to export them, PM U.Khurelsukh expressed to render all round support to the project on establishment of oil refinery.
