India has assured Mongolia  assistance to develop its space, telecommunications and energy sectors including expediting creation of an oil refinery.

The assurance was extended during last week’s visit of Deputy NSA Vikram Misri who called on President of Mongolia U.Khurelsukh. Misri is understood to have given assurance on the timely completion of the oil refinery project being built with Indian assistance.

Mongolia is the beneficiary of India’s single largest LoC for construction of USD 1.236 billion Oil Refinery Project in Dornogobi Province capable of producing 1.5 million MTA oil, roughly 3/4th of domestic the country’s consumption. It is expected to be completed by 2025 and Engineers India Limited are part of the project.

The refinery will address 75 percent of Mongolia’s requirements. The country sources its fossil fuel from its biggest neighbour and traditional ally, Russia. India is also assisting Mongolia build its railway and power infrastructure to help transport Mongolia’s mineral wealth, according to persons familiar with the development.

Mongolia has a significant amount of uranium deposits. A working group for cooperation in the field of nuclear energy has been set up between the respective agencies of the two countries i.e. the Department of Atomic Energy and the Nuclear Energy Agency of Mongolia.