India gives credit line for Mongolian energy project
Megha Engineering & Infrastructures Limited (MEIL) is to build a US$790 million oil refinery, a pipeline and a power plant in Mongolia under a G2G agreement and using a line of credit from the Indian Government.
Once completed, the 30,000 barrels per day or 1.5 million tonns a year capacity refinery will reduce Mongolia’s dependency on Russian fuel.
It will help the country meet its needs for petroleum products like gasoline, diesel, aviation fuel, and liquefied petroleum gas (LPG).
According to MEIL’s spokesperson on 3 Nov 2022, “This downstream project is of enormous importance and marks a critical turning point in the relationship between India and Mongolia and in MEIL’s expansion strategy in the hydrocarbons sector.
“In addition, the project will bring economic prosperity and energy independence to Mongolia.”
MEIL will build EPC-2 (Open Art Units, Utilities & Offsites, Plant Buildings) and EPC-3 (Captive Power Plants), using advanced technology for the country’s first greenfield oil refinery, the Mongol Refinery.
Engineers India Limited (EIL) is the Project Management Consultant (PMC) for the G2G partnership project.
Megha Engineering and Infrastructures Ltd (MEIL), founded in 1989, is one of India’s top infrastructure companies with the quickest growth. It has made its mark across 20 countries in the last three decades.
The project is part of the Development Partnership Administration initiative of India’s Ministry of External Affairs. fiinews.com
