Mongolia’s first oil refinery construction to commence soon
A detailed feasibility study for the construction of the oil refinery was completed by the Indian company Engineers India Limited.
A detailed feasibility study for the construction of the oil refinery that will be built on 150 hectares in Altashiree soum of Dornogobi Province, was completed by the Indian company Engineers India Limited, said the Ambassador of India to Mongolia. The feasibility study will be submitted to the Ministry of Mining and Heavy Industry as soon as it is assessed by independent experts. The refinery's construction will be financed by a loan of one billion USD from Indian Export-Import Bank. It is estimated that the refinery could generate annual revenue of 1.2 billion USD with 43 million USD in profit, which will be enough to cover its initial investment expenses within 8 to 10 years. Annually, Mongolia imports 1 to 1.2 tons of fuel valued at one billion USD. Once the feasibility study is approved the project will be carried out by the state-owned company Mongolian Oil Refinery.
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