Mr. Battulga said, “During the visit of Prime Minister Narendra Modi to Mongolia, India extended soft loan credit line of one billion dollars for the construction of oil refinery in Mongolia. We are concluding the construction of roads, railways and power line for the refinery. The construction of refinery provides many opportunities for Mongolian and Indian entrepreneurs”.

The USD 1 billion oil refinery being built with Indian aid in Mongolia will be completed by December 2022 and will produce about three-fourths of Mongolian oil consumption, Indian Union Minister said.

India further agreed to extend an additional Line of Credit of USD 236 million for the project, taking India’s total commitment for the project to USD 1.2 billion. Both sides also agreed to train engineers and technicians to be employed at the “Mongol Refinery Project” in India through Scholarship from the Indian Government under the existing Indian Technical and Economic Cooperation (ITEC) program.

During his visit to the Taj Mahal, President Battulga and Prime Minister Narendra Modi jointly unveiled a statue of Buddha and his two disciples, installed at the Gandan Tegchenling Monastery in Ulaanbaatar, at a function in New Delhi on Friday. 2020 will mark the 65th anniversary of the diplomatic relationship between Mongolia and India.