India’s refining project strengthens ties to Mongolia
The Central Asian country’s first oil refinery is being funded by a $1.7b line of credit from New Delhi, but routes in and out of the country remain controlled by Russia and China
Mongolia’s first oil refinery not only represents a major diplomatic footprint for India but is also set to make Mongolia energy independent. The project is India’s largest development partnership globally and is being financed with a line of credit (LOC) of $1.7b from the Export-Import Bank of India. The refinery—work on which began in 2018—looks set to overshot its 2022 completion target by six years, now being projected to be ready by 2028. Once operational, the facility will be able to process 30,000b/d (1.5mt/yr) of crude. India’s Megha Engineering and Infrastructure is acting as construction partner, while Engineers India Limited is the project management consultant and also carried o
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