MEIL secures third project in Mongolia

MEIL Hydrocarbons President, Mr. P. Rajesh Reddy, and Dr. Altantsetseg Dashdavaa, Executive Director representing the Mongol Refinery State Owned LLC, inked the new project in a contract signing ceremony at Ulaanbaatar in Mongolia.

MEIL's inaugural venture in Mongolia involves the construction of the country's first greenfield Mongol Oil Refinery project, a significant undertaking.

Speaking at the signing event, MEIL Managing Director, Mr. P.V. Krishna Reddy, said: "As we embark on the EPC-4 construction of the crude oil refinery at the Mongol refinery, it signifies India's commitment to supporting Mongolia's economic growth and energy security and showcases the collaborative spirit between India and Mongolia."

The significance of the new project extends beyond its financial value. It will diminish Mongolia's heavy reliance on Russian oil imports, enhance its energy security and reduce its vulnerability to fluctuations in international oil markets. In addition, it will generate employment opportunities, bolster the growth of nearby small industries, and contribute to Mongolia's economic development in the future.

This Mongol Refinery project is a Government-to-Government (G2G) initiative. Upon completion, the refinery is expected to produce 1.5 million tpy of crude oil, catering to Mongolia's domestic demand for gasoline, diesel, aviation fuel, and LPG.

Read the article online at: https://www.hydrocarbonengineering.com/refining/03102023/meil-secures-third-project-in-mongolia/