New Oil Refinery Plant Creates 1000 JobsEconomy
Ulaanbaatar, February 7, 2023 /MONTSAME/ The project of the New Oil Refinery plant included in the “Action Plan 2016–2020” of the Mongolian Government, has started with the soft loan of the Indian Government in Altanshiree soum, Dornogobi aimag.
Upon the commencement of this new refinery plant, it will address 75% of the Mongolian energy supply, stop Mongolian dependence on Russia for fuel and Mongolia’s GDP is estimated to grow by over 10 percent.
The Ambassador Extraordinary and Plenipotentiary of India, M.P. Singh informs that: “Before putting this refinery plant operation, we believe that the Mongolian government will complete the 530 km long oil pipeline from Dornod to Dornogovi aimag. The completion of the first stage has reached 80%, even though it started during the pandemic. An Indian major infrastructure company Megha Engineering & Infrastructures Limited (MEIL), which has implemented projects worth USD 40 billion in 16 countries, is the constructor of the second stage. The tender proposal submission deadline for the fourth stage of construction is extended from January to mid-February at the request of applicants. The winner of the tender will be announced in March. When the weather gets warm (Construction Season starts) all the construction work will commence. The government authorities of our two countries are attaching great importance to this project.”
The refinery plant will create 1000 jobs; Therefore, I hope it will mark the beginning of the industrial revolution in Mongolia.
The Indian Government approved the financing amounts to USD 1.6 billion and about 800-1000 specialists and employees from India will come to Mongolia to carry out the construction work that will be resumed in spring.