Union Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan, accompanied by an official and business delegation, is on a visit to Mongolia as a follow up of the State visit the President of Mongolia to India in September 2019.
Along with Prime Minister of Mongolia H.E. Mr. Ukhnaagiin Khurelsukh, six Cabinet Ministers of Mongolia and Governor of Dornogovi Province, H.E. Mr. T. Enkhtuvshin, Shri Pradhan participated in the ceremony for commissioning the infrastructure facilities constructed to support the proposed oil refinery project. This will pave the way for the development of a refinery project being supported by India under a line of credit of US$1.236 billion.
Speaking at the occasion, Shri Pradhan said “The age-old ties between India and Mongolia was further strengthened by the historic visit of Hon. PM Shri Narendra Modi in 2015 and further cemented by the recent visit of President of Mongolia, H.E. Battulga Khaltmaa in September this year to India. This important event will pave the way to open a new chapter in our bilateral trade and investment relations. India greatly values its close and friendly relations with Mongolia. We are also ‘spiritual neighbors’ connected by our shared Buddhist heritage.
The construction of the 1.5 MMT Oil Refinery Project with Indian assistance is a shining example of our friendship. Happy to share that on Mongolian request, India has announced an additional US $ 236 million Line of Credit from India to Mongolia beyond the committed US$ 1 billion. The project will boost Mongolia’s long-term energy security, economic development & will lead to the development of ancillary industries related to refinery & pipeline operations”
He further added, “Mining sector, which contributes to more than one-fifth of GDP of Mongolia, is an attractive area with good potential for joint exploration and collaboration in coking coal, copper, rare earth metals and gold for mutual benefit.”
Minister Pradhan also held a meeting with Foreign Minister of Mongolia, H.E. Mr. Damdin Tsogtbaatar and discussed further strengthening bilateral cooperation in energy and minerals sectors, and prospects for enhancing trade volume with Mongolia.
Shri Pradhan also held meaningful discussions on building energy bridges and realising the full potential of bilateral and trade relations with PM Mongolia, H.E. Mr. Ukhnaagiin Khurelsukh while enroute to Sainshand.
Earlier, Minister Pradhan met with H.E. Nandinjargal Ganbold, State Secretary, Ministry of Mining & Heavy Industry and senior Representative of Foreign Ministry of Mongolia upon his arrival in Ulaanbaatar, Mongolia.