An Important Symbol of Strategic Partnership
As India grows to become one of the global economic players ...
Commemorating the 65 Years of Dipomatic Relations between Mongolia and India
As India grows to become one of the global economic players, it is extending its cooperation with other countries, and is implementing projects and programmes of critical importance to the socio-economic development of other countries by extending lines of credit. A striking example of this is the decision of the Government of India, according to which more than US Dollar 1.23 billion Line of Credit was given to Mongolia, which was announced when the Prime Minister of India, Shri Narendra Modi paid an official visit to Ulaanbaatar in 2015.
The Government of Mongolia, in its turn, decided to use the Indian LOC for the construction of an integrated oil refinery plant. This lays the foundation for the development of a totally new oil and chemical industrial sector, which will rely on local resources. The oil refinery project is critically important for the country for it will guarantee energy independence, reduce the outflow of foreign exchange, stabilise market prices, promote local manufacture of value-added products, and set up a new industrial centre in the Gobi desert region.
Engineers India Limited (EIL), a Navratna public-sector undertaking of the Government of India under the Ministry of Petroleum and Natural Gas had carried out a Detailed Feasibility Study for the project and was subsequently pre-qualified and shortlisted for providing project management consultancy services to “Mongol Refinery”, astate-owned company of Mongoliafor the project. In this manner, the “Mongol Refinery” is the sole and the first indigenous company that will manage this brand new industrial sector.