(ET)
Decks have been cleared for state-owned Engineers India Ltd (EIL) to begin construction of a petrochemical refinery in Mongolia. EIL, a PSU under the Ministry of Petroleum and Natural Gas, is the project management consultant for the development of the oil refinery.
During the ongoing visit to Mongolia, Petroleum and Natural Gas Minister Dharmendra Pradhan is expected to finalise the roadmap to commence construction of the refinery, which is being touted as the largest project being undertaken by the government of India under its Lines of Credit programme. Sources said that after this visit, firm agreements are expected on work programmes for the refinery.
The petrochemical refinery – near Sainshand in southern Dornogovi province is to be built at an approximate cost of $1.25 billion. It is being developed under a line of credit of $ 1.236 billion extended by India during Prime Minister Narendra Modi’s visit to Mongolia in 2015 and subsequently enhanced during the state visit of the President of Mongolia Khaltmaagiin Battulga to India in September.
