Speaker of Parliament G.Zandanshatar got acquainted with the construction of an oil refinery in Altanshiree soum of Dornogovi Province on July 20.

The construction of road and railway linked to the refinery is complete and a blast furnace is being built.

The oil refinery will be built with a 1 billion USD loan from the Export-Import Bank of India and it will have a capacity of 1.5 million tons of oil per year.

Mongolia buys 1.3 million tons of fuel worth 1 billion USD every year. Fluctuating oil prices on the world market has had a negative impact on Mongolia’s economy in the past, driving up inflation. The construction of the oil refinery will not only mitigate Mongolia’s dependence on imports.

Lawmaker B.Delgersaikhan and Minister of Road and Transport Development L.Khaltar accompanied the speaker of Parliament on his visit to the oil refinery project.