INDIA REVIEWS PROGRESS OF MONGOLIA’S OIL REFINERY PROJECT

A delegation of around 20 officials from the Government of India visited the construction site of the Oil Refinery Project, which is being implemented in Mongolia with India’s Line of Credit (LoC) financing. As the largest project funded by the Indian government in Mongolia, the delegation traveled to Dornogobi Province to assess the progress of construction, monitor project implementation, and hold extended meetings and consultations.

The delegation included key officials such as Anurag Agarwal, Special Secretary & Financial Adviser at the Ministry of External Affairs of India; Aparna Bhatia, Adviser at the Ministry of Finance; Esha Srivastava, Joint Secretary for International Cooperation at the Ministry of Petroleum and Natural Gas; and Harsha Bangari, Managing Director of the Export-Import Bank of India. The visit was led by senior representatives of India’s state-owned project management consultant, Engineers India Limited, including its Managing Director, Vartika Shukla. Also part of the delegation were Krishna Reddy, Managing Director of Megha Engineering and Infrastructures Ltd—the project’s main contractor—and other high-ranking executives.

The Ambassador of India to Mongolia, H.E. Atul Malhari Gotsurve, and D. Altantsetseg, Executive Director of the project-implementing company Mongol Refinery State-Owned LLC, participated in an extended meeting to monitor the project's implementation. During the meeting, the delegation exchanged views and issued directives aimed at accelerating the construction progress of the Oil Refinery Project.

As the lending country, the Government of India and the EXIM Bank consider the successful implementation of the Oil Refinery Project and the timely repayment of the loan to be of utmost importance. Accordingly, Indian government institutions have consistently given special attention and strong support to the project. Since its inception, they have dispatched high-level delegations, conducted regular inspections at every stage, and provided assessments and recommendations to ensure its smooth progress.

This refinery project is being implemented with financing from a USD 1.7 billion soft loan provided by the Export-Import Bank of the Government of India. Through its concessional loans, India currently supports over 300 projects and programs across more than 60 countries worldwide. The loan extended to Mongolia is the largest amount India has ever granted to a single country for a single project.

Resource: Mongol Refinery State-Owned LLC