Mongolia’s Indian-assisted refinery on track for 2026 launch: Ambassador | India News – Business Standard
‘Work on the refinery project is going well. It was postponed for a year and a half due to COVID. We believe it will be operational in 2026,” said Ganbold | Photo: Bloomberg
Mongolia’s Ambassador to India Dambajav Ganbold has said that the Indian-funded greenfield oil refinery project in South Gobi is on track and will be operational in 2026.
He, however, acknowledged some delays on the Indian side in supplying products for the refinery.
“Of course, there are some delays on the Indian side in the delivery of the products, but overall the project is progressing well,” he told PTI. “It is crucial to our relations and we eagerly look forward to its completion.”
With a $1.2 billion credit line announced by India during Prime Minister Narendra Modi’s visit to Mongolia in 2015, the refinery’s construction has been delayed by 1.5 years due to COVID-19.
“Work on the refinery project is going well. It was delayed by a year and a half due to COVID. We believe it will be operational in 2026,” Ganbold said.
The refinery aims to reduce Mongolia’s dependence on Russian oil imports. Once completed, it will have a capacity of 30,000 barrels per day or 1.5 million tons per year, helping the country meet demand for gasoline, diesel, jet fuel and liquefied petroleum gas.
Mongolia is expecting a visit by the Indian Prime Minister in 2025, coinciding with the 70th anniversary of diplomatic ties between the two countries.
“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 that Prime Minister Modi will visit Mongolia to commemorate this milestone and the 10th anniversary of his first trip. the ambassador said.
Ganbold, along with Union Ministers Kiren Rijiju and Meenakshi Lekhi, launched the song “Duur” on Saturday, marking the first musical collaboration between India and Mongolia. The song features famous Indian singer Mohit Chauhan and Mongolian artist Baataraj Erdenetsogt.
“I believe this is a great merger and a promising start,” the ambassador said. “We believe the Dragon Year will bring us closer. In fact, the sky is the limit.”
He also emphasized that the two countries can strengthen their economic ties by strengthening cooperation in tourism, agriculture and the mineral sector.
“Indian companies can come to Mongolia for minerals, especially rare earth elements that are crucial for phones,” he noted.
Earth Sciences Minister Kiren Rijiju expressed a similar sentiment of going beyond formalities and emphasized the spiritual bond between India and Mongolia.
“Diplomatic relations are limited to formalities, and true friendship comes from informal events such as music, entertainment and other cultural and social activities,” Rijiju said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: February 12, 2024 | 12:20 pm IST