India helps Mongolia for its first petrochemical refinery

NEW DELHI : As part of its strategy of creating an energy security architecture for its partners, India’s oil minister Dharmendra Pradhan is in resource-rich Mongolia today for the commissioning of railway, road and power transmission infrastructure for the construction of country’s first petrochemical refinery.

The Mongol refinery project is the largest project undertaken by the government of India under its Lines of Credit (LoC) programme and is expected to cut some of Mongolia’s fuel import dependence. The petrochemical refinery to be built at an approximate cost of $1.25 billion utilising the $1.236 billion line of credit from India comes in the backdrop of China’ Belt and Road Initiative (BRI).