Ulaanbaatar
Additional financing agreement for oil refinery signed
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Today, Minister of Finance Ch.Khurelbaatar and General Manager
of Exim Bank of the Republic of India Shri Saroj Khuntia signed an agreement on
additional financing of USD 236 million tp be granted to an oil refinery
establishment project in Mongolia.
Finance Minister of Mongolia Ch.Khurelbaatar ”Mongolia
imports 1.3 million tons of fuel at USD 1 billion every year. When oil price
increases at world market, it adversely affects Mongolia’s economy. Establishing
the oil refinery, it will become possible for Mongolia not to be affected by
oil price increase at world market and to save USD 1 billion at home”.
Indian Minister of Petroleum and Natural Gas D.Pradhan “Mongolia and the
Republic of India have many years of friendly ties. By helping Mongolia to
build its oil refinery, it is significant to preserve bilateral friendly ties
for next 100 years”.
Construction of the refinery will commence next year and is
expected to commission in 2023
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