Additional financing agreement for oil refinery signed

2019-10-09 15:15:11

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