• Will Mongolia’s first oil refinery be completed by March 2026?
  • (Bloomberg) — Engineers India Ltd. is expected to complete the construction of Mongolia¡¯s first 1.5 million ton oil refinery by March 2026, the company¡¯s chairman said Wednesday. Work is not easy but the project is moving well, Vartika Shukla said during a media briefing in New Delhi, without elaborating on an expected commissioning date.
  • Who is the beneficiary of India’s largest oil refinery project?
  • Mongolia is the beneficiary of India¡¯s single largest LoC for construction of USD 1.236 billion Oil Refinery Project in Dornogobi Province capable of producing 1.5 million MTA oil, roughly 3/4th of domestic the country¡¯s consumption. It is expected to be completed by 2025 and Engineers India Limited are part of the project.
  • Why does Mongolia export oil to China?
  • Despite Mongolia having 43 million tons of proven crude oil reserves and production, the lack of in-country refineries has forced it to export its oil to China since 1998.
  • When will Mongolia’s oil production plan be operational?
  • They are expected to be operational in 2027. The current plan is to be able to produce up to 20 percent of domestic petroleum product consumption and have six months of country reserve to boost Mongolia¡¯s resilience to disruptions or price spikes.
  • Will Mongolia start a gas pipeline in 2024?
  • According to a recent Reuters report, the Russian deputy prime minister announced that construction may begin in Mongolia starting in 2024 on a pipeline to carry 50 billion cubic meters of gas a year.
  • How will Mongolia’s Oil Plan affect foreign policy?
  • The current plan is to be able to produce up to 20 percent of domestic petroleum product consumption and have six months of country reserve to boost Mongolia¡¯s resilience to disruptions or price spikes. If the plan proceeds on schedule, the Mongolian government will gain significant leverage in foreign policy.