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
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
