India extends USD 1 billion credit line to Mongolia - News.MN

India extends USD 1 billion credit line to Mongolia

Tuesday

2019/05/20

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2533.95

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India extends USD 1 billion credit line to Mongolia

Engineers India Ltd (EIL) has won the project management consultancy contract from Mongolia for the new 1.5 million tonnes refinery that the country is currently constructing.

EIL and the Mongolian government through Mongol Refinery State Owned LLC signed a Memorandum of Understanding (MoU) on Sunday on the sidelines of the Petrotech conference in Delhi.

Indian Oil Minister Dharmendra Pradhan said Dehli extended a USD 1 billion line of credit to Mongolia during the visit of Prime Minister Narendra Modi in 2015. The refinery project is being built using that line of credit, he said.

The MoU is for Project Management Consultancy services for construction of an oil refinery plant in Mongolia by EIL.

The Mongolian government is in process to set-up 1.5 million tonnes per annum greenfield crude oil refinery near Sainshand under the Line of Credit (LoC) extended by India.

EIL has carried out Detailed Feasibility Study for the project, he said, adding it has subsequently been pre-qualified and shortlisted for providing project management consultancy services to Mongol Refinery for the project.

The MoU was signed by Altantsetseg Dashdavaa, Executive Director, Mongol Refinery and R K Sabharwal, Director (Commercial), EIL.

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