India's Petroleum and Natural Gas Minister Dharmendra Pradhan today participated in a ceremony for commissioning the infrastructure facilities constructed to support the proposed oil refinery project in Mongolia.
Mongolia's Prime Minister Ukhnaagiin Khurelsukh, six Cabinet Ministers and the Governor of Dornogovi Province, T. Enkhtuvsh, also attended the ceremony.
"This important event will pave the way to open a new chapter in our bilateral trade and investment relations. Shared Buddhist heritage and common belief in ideals of democracy sustain both our countries’ cordial relations and engagement," Pradhan said on the occasion.
"The construction of the 1.5 MMT Oil Refinery Project with Indian assistance is a shining example of our friendship. I am happy to share that on Mongolian request, India has announced an additional US $ 236 million Line of Credit to Mongolia beyond the committed US$ 1 billion," he said.
The Minister said that Engineers India Limited (EIL), a public sector undertaking under the Ministry of Petroleum and Natural Gas, was providing project management consultancy services for the project.
On completion of the project, it will meet about three-fourths of Mongolia's requirement of oil.
"India would be happy to partner with Mongolia to develop its infrastructure as per the priorities decided by the people and the Government of Mongolia. India remains committed to working with the Government and people of Mongolia to further strengthen our Strategic Partnership for mutual prosperity," he added.
Pradhan, accompanied by an official and business delegation, is on a three-day visit to Mongolia, as a follow-up of the State visit of the President of Mongolia to India in September 2019.
(Our News Desk can be contacted at email@example.com)