New Delhi: The Indian government is helping Mongolia set up an oil refinery. An oil refinery in Mongolia will be built by 2022 with the assistance of one billion dollars from the Government of India. Union Petroleum and Natural Gas Minister Dharmendra Pradhan said that three-fourth of Mongolia's fuel needs will be met from this oil refinery plant.
It is to be known that the Minister of Petroleum and Natural Gas was addressing a meeting with a business delegation of Prime Minister Mongolia President Khaltamagin Battugla who visited India. President Battugala is on a five-day visit to India. He said that Prime Minister Narendra Modi's 2015 visit to Mongolia was going to bring a new change in bilateral relations. He said that this factory under construction in Mongolia is a shining example of friendship between the two countries. Its capacity will be 1.5 million tonnes per annum.
The Indian government company Engineers India Ltd (EIL) is offering consultancy services for this prestigious project. The factory will be completed by December 2022. President Battulga said that during Modi's visit to Mongolia, India had given his country a one billion dollar easy-term loan to set up a refinery. Currently, roads, rail lines and power lines are being constructed for this factory. let us tell you that after the Saudi drone attack, there has been a decrease in the supply of crude oil worldwide.
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