India stated that the Mongolian oil refinery, its largest Line of Credit (LoC)-backed infrastructure project, is expected to be operational by 2028, the Ministry of External Affairs (MEA) said on Tuesday.

The announcement was made during a special briefing by MEA Secretary (East) P Kumaran on the ongoing state visit of Mongolian President Khurelsukh Ukhnaa.

The refinery, funded by a USD 1.7 billion Line of Credit from India, is a major milestone in the bilateral partnership and a key project for Mongolia’s quest for energy independence.

“The LoC of USD 1.7 billion is India’s largest LoC-supported project–the Mongolian oil refinery. The cost was originally estimated at USD 1.2 billion. There were some delays initially due to COVID-19 and the short construction season in Mongolia, where p

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