Mongolia broke ground today for the construction of country’s first oil refinery with the help of a USD 1 billion loan from India.
Home Minister Rajnath Singh attended the ground breaking ceremony for the construction of the refinery at ‘Stantsiin Hooloi’ in Altanshiree Soum and described it as an important milestone in the bilateral ties.
The Prime Minister of Mongolia, Ukhnaagin Khurelsukh and other dignitaries were present during the event.
Khurelsukh said Mongolia hopes the project will boost the economy and reduce its dependence on foreign gasoline imports, particularly from Russia.
A statement issued by Home Ministry said Prime Minister Narendra Modi during his historical visit to Mongolia in 2015 had announced Line of Credit of USD 1 billion for this project.
The home minister is on a three-day visit to Mongolia to further strengthen India’s relations with Mongolia and security cooperation.
The Home minister will also visit a Buddhist monastery and hold a meeting with his counterpart and Mongolia’s minister for justice and interior affairs tomorrow.
He will also visit the headquarters of Mongolia’s Border Protection Force there before returning to Delhi on June 24.