Mongolia to build first oil refinery
The project was financed by a loan from India, which was announced during Indian Prime Minister Narendra Modi's visit to the country in 2015.
Mongolia will hold a ground-breaking ceremony for its first oil refinery in southeastern Dornogovi Province later this month, Mongolian Foreign Ministry said. The ceremony will take place on June 22 in Altanshiree soum of Dornogovi province, attended by Mongolian Prime minister Hurelsukh Ukhnaa and Indian Minister for Home Affairs Rajnath Singh, among other officials, according to the ministry. The project was financed by a loan from India, which was announced during Indian Prime Minister Narendra Modi's visit to the country in 2015. The refinery will have a processing capacity of 1.5 million tons of oil per year and will annually produce 560,000 tons of gasoline and 670,000 tons of diesel fuel, as well as 107,000 tons of liquefied gas. The refinery, to be ready for operation by 2022, is expected to boost Mongolia's gross domestic product by 10 percent. Mongolia currently exports crude oil to China while importing petroleum products from Russia.