India's oil refinery project in Mongolia officially starts operation, meeting 70% of the country's domestic oil demand.

After the oil refinery built by India is put into operation, it can meet about 70% of the domestic demand in Mongolia.

Mongolnews, Ulaanbaatar, August 19th - The Minister of Industry and Mineral Resources, G. Davaa, met with relevant officials on the 19th of this month and discussed issues related to accelerating the progress of the oil refinery project.

Minister G. Davaa stated, "The Mongolian government and the president have given special attention to the oil refinery project, which is an important driver for the economic development of Mongolia, and have been following the implementation of the project. After the completion of the factory, it will be able to meet 53% of the total consumption of petroleum products in Mongolia. According to normal consumption, it can meet 70% of the demand. This has significant importance for the economic development of Mongolia. Every 14 days, a review of the project progress is conducted, necessary information is collected, and policies are taken at both the parliament and government levels. The main goal of the oil refinery is to reduce the country's 100% over-reliance on foreign markets for petroleum product consumption and enhance economic resilience. It is estimated that last year alone, gasoline consumption cost 1.8 billion US dollars. If 50% of this foreign exchange flow could be retained domestically, there would be an opportunity to invest in other areas, and inflation and exchange rates would also tend to stabilize."

The project executive director, D. Altantsetseg, said that the construction of the oil refinery consists of four stages. The first stage was fully completed in 2024 and handed over to the National Inspection Committee for review, and the buildings and infrastructure are currently being used normally. The second and third stages, procurement, and construction are proceeding according to plan, and the construction of the pipeline has been completed 86.4%.

Minister G. Davaa met with Ambassador Atul Malahari Gotuswami, the Indian Ambassador to Mongolia, and listened to the progress of the work. Ambassador Hiroshi Igawa, the Japanese Ambassador Extraordinary and Plenipotentiary to Mongolia, was present.

Original: www.toutiao.com/article/1840947515755531/

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