Mongolia thanks India for line of credit to support Mongolia's oil refinery project

Ulaanbaatar [Mongolia], Oct 8 : Mongolia on Tuesday appreciated India for extending a line of credit to support its oil refinery project.

This comes at a time when Union Minister Dharmendra Pradhan is on a two-day-visit to the East-Asian nation efforts to finalise the commissioning of Mongolia's oil refinery project near Sainshand that is being funded by New Delhi.

The refinery project is being developed under a line of credit of USD 1.236 billion extended by New Delhi during Prime Minister Narendra Modi's visit to Mongolia in 2015 and subsequently enhanced during the state visit of Mongolian President Khaltmaagiin Battulga to India in September 2019.

Earlier in the day, Pradhan met Mongolia's Foreign Minister Damdin Tsogtbaatar in Sainshand, a province located in the eastern Gobi desert region and famous for oil reserves.

"Had an excellent meeting with Minister of Foreign Affairs of Mongolia, H.E. Mr. Damdin Tsogtbaatar, at Sainshand. We discussed about further strengthening bilateral cooperation in energy and minerals sectors, and prospects for enhancing trade volume with Mongolia," the minister tweeted.

"Foreign Minister, H.E. Mr. Damdin Tsogtbaatar, thanked the Indian Government for its support to Oil Refinery through a Line of Credit," he added.

The petroleum and gas minister is currently on a two-day visit to Mongolia from October 8 as a follow up of the state visit by Mongolian President Khaltmaagiin Battulga in September, according to an official statement.

Pradhan is also scheduled to meet Mongolian Minister for Mining and Heavy Industry to "develop a roadmap for commencing the construction of the Refinery" and discuss possible areas of collaboration in other sectors like mining, coking coal, and railways.

Pradhan will also call on the Prime Minister and President of Mongolia.

The two countries had reached a strategic partnership during PM Modi's visit to Mongolia in 2015. A number of high-level exchanges have taken place since then and the partnership has seen considerable progress during the last few years.

(ANI | 6 months ago)

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Mongolia thanks India for line of credit to support Mongolia's oil refinery project