Mongolia Refinery to be built by india by 2025
Mongolia’s first oil refinery is expected to be operating by 2025. It is predicted that the first phase of the Mongol Oil Refinery, which is supported by an India-backed $1.2 billion soft loan, will be finished by the end of this year. Given that Russia is the only source of energy import for Mongolia, this event has important strategic ramifications.
Mongolia Refinery to be built In India by 2025
According to Dambajav Ganbold, the nation’s ambassador, the first oil refinery in Mongolia, funded by India and located on the outskirts of Ulaanbaatar, is anticipated to be finished in 2025. It is anticipated that this refinery will meet 70% of domestic demand in Mongolia. In order to start exporting coking coal to India by 2024, Mongolia has also made plans to entice investment from India into its mining and metals industries.
What Will Be There In Mongolia Refinery
Mongolia is home to significant reserves of rare earth metals that could prove critical to India’s plans of developing advanced technical capabilities in semiconductors and sustainable transportation. To explore these possibilities, Indian businesses have already conducted visits to Mongolia.
The establishment of regular direct flights between the two nations is expected to facilitate such exchanges. India holds the status of Mongolia’s primary “third neighbour” in this region, a significant aspect of the country’s foreign policy, established in response to its two large neighbours, Russia and China, to ensure its independence. This policy provides Mongolia with opportunities to expand and strengthen its collaborations both domestically and globally.
During Prime Minister Modi’s historic visit to Mongolia in 2015, the governments agreed to construct Mongolia’s first oil refinery, which is currently in progress in four phases. The first phase, or EPC 1, is over 70% complete and is expected to conclude this year. The tender process for the remaining three phases was won by Hyderabad-based Megha Engineering and Infrastructures Limited. The refinery project will enhance Mongolia’s independence and energy security.
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