In 2018, by way of furthering Indian-Mongolian relations, India will be helping with the construction of Mongolia’s first oil refinery. This refinery will help reduce the landlocked nation’s dependency on its neighbours.

Engineers India Ltd. have been selected as the consultants to develop the detailed project report compiled by the DPR.  It will also help Mongolia save foreign exchange and reallocate it for other needs. The focal agency with title of a public company – Mongolian Oil Refinery – has been formed. The refinery could boost Mongolia’s GDP by 10%.

The oil refinery will emerge as a visible symbol of civilizational ties between New Delhi and Ulanbaatar and it will serve as a strategic asset for the people of Mongolia.

He also lauded PM Modi’s leadership. In May 2015 PM Modi became the first Indian Prime Minister to visit Mongolia. During his landmark visit, India announced a soft credit line of 1 billion dollars, which is the largest credit line offered by any country to Mongolia. Though Mongolia is a landlocked nation between China and Russia, it considers India as its third neighbour.

The Mongolian president is expected to visit India in 2018.