Mongolia to open oil refinery in 2018
Mongolia will construct its first oil refinery with the assistance of India in 2018.
Mongolia to open oil refinery in 2018. Mongolia will construct its first oil refinery with the assistance of India in 2018. As total dependant on overseas supply for oil, the proposed new refinery will help reduce the country’s dependency on its neighbours, Russia and China. Moreover, it will also help Mongolia to strengthen Mongolian national currency tugrugs against foreign currencies. It is also estimated that refinery could boost Mongolia's GDP by 10%. So far the Engineers India Ltd. has been selected as the consultant to develop the detailed project report of the new refinery. Notably, the oil refinery is likely to emerge as a visible symbol of close ties between New Delhi and Ulaanbaatar and serve as a strategic asset for the people of Mongolia. Mongolia considers India as its third neighbour. Thus, this establishment of the oil refinery in Mongolia becomes the further step for expanding relations. Moreover, the Mongolian president is expected to visit India in 2018.
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