Sign In
Learn bits
World Affairs
Mahesh

25/04/23 06:37 AM IST

India-built Mongolia refinery by 2025

In News
  • Mongolia’s first oil refinery, built and funded with Indian assistance, will be completed by 2025.
About the refinery
  • The first stage of Mongol Oil Refinery, built with a $1.2 billion Indian soft loan, will be completed at the end of this year.
  • The refinery would help Mongolia meet 70% of its demand domestically.
  • Mongolia also hopes to attract Indian investment in its mining and metals, with plans to start shipping coking coal to India by 2024.
India-Mongolia
  • India and Mongolia have interacted through Buddhism throughout history. Some Indian & Mongolian historians have conjectured the migration of some tribes from the Kangra kingdom to Mongolian territory 10000 years ago.
  • The steps were taken by the Govt of India to facilitate the visa and travel of Buddhist monks from Mongolia within India.
  • International Cooperation- Mongolia has been traditionally supporting India in the United Nations and various other international forums. It has supported us for the non-permanent seat of the UN Security Council (UNSC) for 2011-2012.
  • India established diplomatic relations with Mongolia in 1955. The Indian Resident Mission in Ulaanbaatar was opened in 1971.
  • Mongolia voted in favour of India’s proposal to put Yoga's inscription into the list of UNESCO’s Intangible Cultural Heritage.
  • The India-Mongolian Agreement on Cultural Cooperation, signed in 1961, has governed the Cultural Exchange Programme (CEP) between the two countries.
  • The Joint India-Mongolia exercise ‘Nomadic Elephant’ is held annually.
  • Indian Armed Forces Observers regularly participate in the Annual multilateral peacekeeping exercise 'Khan Quest' in Mongolia.
  • In 1996, an Agreement on Trade and Economic Cooperation between India and Mongolia was signed.
  • The Agreement provides for Most-Favored-Nation (MFN) status to each other in respect of customs, duties and all other taxes on imports and exports.
  • In 2022, an India-built oil refinery at the cost of more than USD 1 billion and with a capacity of 1.5 million metric tonnes was opened near Sainshand in the southern Dornogovi province of Mongolia.
Source- LiveMint

More Related Current Affairs View All

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

28 Aug

H-1B visa changes

'H-1B visa changes 2025: United States Commerce Secretary Howard Lutnick called the popular H-1B visa program a “scam”, saying that American businesses should be focuse

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps