To limit Mongolia’s dependence on China for its energy needs, India will help the land-locked country build its first oil refinery in 2018, Sputnik has reported.
According to the report, India has provided the country with a $700 million loan for the construction of the refinery and around $264 million for oil pipelines. India had, during Prime Minister Narendra Modi’s visit to Mongolia in 2015, announced a $1 billion credit line to finance infrastructure projects in the country.
“The oil refinery project will help Mongolia to eradicate or reduce the dependency. At the same time, we are very much hoping it would help to save a lot of foreign exchange and reallocate it for other necessities,” Mongolia’s ambassador to India, G Ganbold, was quoted by Sputnik as saying. Read More…
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