“Along with Prime Minister of Mongolia Ukhnaagiin Khurelsukh, six Cabinet Ministers of Mongolia and Governor of Dornogovi Province. T Enkhtuvshin, Pradhan participated in the ceremony for commissioning the infrastructure facilities constructed to support the proposed oil refinery project,” the statement said.
This will pave the way for development of refinery project being supported by India under a line of credit of $1.236 billion.
Speaking on the occasion, Pradhan said: “The age old ties between India and Mongolia was further strengthened by the historic visit of Prime Minister Narendra Modi in 2015 and further cemented by the recent visit of President of Mongolia, 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,” he said.
India is aiding construction of a 1.5 million tonnes oil refinery project.
“Happy to share that on Mongolian request, India has announced an additional $236 million Line of Credit to Mongolia beyond the committed $1 billion,” he said. “The project will boost Mongolia’s long-term energy security, economic development & will lead to development of ancillary industries related to refinery & pipeline operations.”
Pradhan said 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.
He also held a meeting with Foreign Minister of Mongolia Damdin Tsogtbaatar and discussed further strengthening the bilateral cooperation in energy and minerals sectors, and prospects for enhancing trade volume with Mongolia.
“Pradhan also held meaningful discussions on building energy bridges and realising the full potential of bilateral and trade relations with Prime Minister of Mongolia, Ukhnaagiin Khurelsukh while enroute to Sainshand,” the statement said.
Earlier, Pradhan held meeting with Nandinjargal Ganbold, State Secretary, Ministry of Mining & Heavy Industry and senior Representative of Foreign Ministry of Mongolia upon his arrival in Ulaanbaatar, Mongolia.