Oil refinery construction project to be carried out by Mongolian company

Oyundelger 2017-06-09 07:06

Mining

Mongolia’s State Cabinet resolved that state-run ‘Mongolian Oil Refinery’ will execute ‘Oil refinery construction project’, with the required fund allocated from the budget of the Minister of Mining.

Oil refinery construction project to be carried out by Mongolian company. Mongolia’s State Cabinet resolved that state-run ‘Mongolian Oil Refinery’ will execute ‘Oil refinery construction project’, with the required fund allocated from the budget of the Minister of Mining and Heavy Industries. Mongolian Government established a credit agreement of USD 1 billion with Export-Import Bank of India, and decided to implement the ‘Oil refinery construction project’. Consequently, Government Agency for Policy Coordination on State Property was tasked to take measures directed at ensuring the financial independence of ‘Mongolian Oil Refinery Plant’. ‘Mongolian Oil Refinery Plant’ is responsible for handling financing and purchasing activities in the frameworks of the project and budget expenditure, monitoring the formulation of the technical and economic assessment of the project, selecting a contractor for the construction, and making preparations for the construction of the refinery and pipes.