News Brief
Boosting Bilateral Ties: Mongolia's First Oil Refinery Project Funded By India Scheduled For Completion By 2026
Representative Image (PTI)
Mongolia's Ambassador to India, Dambajav Ganbold, has provided updates on the progress of the India-funded greenfield oil refinery project in South Gobi, stating that it remains on schedule for completion by 2026 as per a report by Business Standard.
This would be Mongolia’s first oil refinery, being built on the outskirts of the capital city, Ulaanbaatar, and was earlier scheduled to be completed by 2025.
Despite acknowledging some delays in product delivery from the Indian side, Ganbold expressed overall satisfaction with the project's advancement, underscoring its significance for bilateral relations.
The construction of the refinery, supported by a USD 1.2 billion line of credit announced during Prime Minister Narendra Modi's 2015 visit to Mongolia, faced setbacks due to the COVID-19 pandemic, causing a delay of 1.5 years.
Nevertheless, Ganbold remains optimistic about the project's eventual operational status by 2026, aiming to lessen Mongolia's dependence on Russian oil imports.
Upon its completion, the refinery is expected to have a capacity of 30,000 barrels per day or 1.5 million tonnes annually, catering to Mongolia's demand for various petroleum products.
The ambassador stated, "We expect our president to visit India in the second half of this year, and we will celebrate 70 years of diplomatic relations in 2025. Therefore, we hope Prime Minister Modi will visit Mongolia to commemorate this milestone and the 10th anniversary of his first trip."
In addition to the refinery project, Ganbold highlighted the inaugural musical collaboration between India and Mongolia with the launch of the song "Duur", featuring Mohit Chauhan and Mongolian artist Baataraj Erdenetsogt.
He sees this as a promising beginning and envisions further economic cooperation in tourism, agriculture, and the mineral sector, particularly in rare earth elements crucial for modern technology.
Echoing Ganbold's sentiments, Union Minister Kiren Rijiju emphasised upon the importance of informal cultural exchanges in strengthening bilateral bonds beyond diplomatic formalities.
He also stressed the spiritual connection between India and Mongolia, emphasising the role of music, entertainment, and cultural activities in fostering true friendship between nations.
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