Mongolia’s First Oil Refinery to be Completed by 2025

SEATTLE (Oil Monster): Mongol Oil Refinery- the first oil refinery in Mongolia is expected to be completed by 2025. The refinery is being built and funded with the assistance of India.

According to sources, the first stage of the refinery will be built with the help of $1.2 billion loan, which will be completed by the end of the current year. The project consists of four packages in total. The first package, named EPC 1, is almost 70% complete and is slated for completion at the earliest. The tender process for the remaining three packages are already completed.

The refinery promises to give more independence and energy security to Mongolia, which currently is almost entirely dependent on Russia for its energy requirements.

Apart from strategic collaboration in the construction of oil refinery, the two countries are also negotiating on joint venture investment in Mongolia’s mining and metals sector, especially in tapping huge potentials of rare earth metals. It must be noted that Mongolia offers immense opportunities in coking coal, copper, gold and uranium as well.

The other areas of possible co-operation between the two countries include energy sector, especially wind energy and hydroelectricity. The conversations with the Indian government are in their early stages, said Ganbold Dambajav, Ambassador of Mongolia to India in an interview.

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