Pradhan meets Mongolian delegation, discusses ways to enhance economic cooperation

Union Steel Minister Dharmendra Pradhan on Friday held a meeting with Mongolian delegation and discussed ways to strengthen the strategic partnership between the two nations and enhance economic cooperation in areas such as oil, gas and steel.

"Met with H.E Mr. L. Oyun-Erdene, Minister, Chief Secy. & Co-Chairman of Mongolia-India Joint Commission. Discussed ways to further strengthen India-Mongolia strategic partnership and expand our relationship into newer areas of economic cooperation, including in oil, gas & steel," Pradhan, who is also the minister for petroleum and natural gas, said in a tweet.

In a series of tweets, he informed about the issues discussed at the meeting.

Pradhan said he has discussed the progress of an oil refinery project in Sainshand, Mongolia, for which India is assisting with a credit line of USD 1,236 million.

The Mongol refinery is the largest project of Indian assistance outside immediate neighbourhood, he said.

On completion, he said the refinery will meet almost the domestic Mongolian requirement of petroleum products, help enhance Mongolia's long-term energy security and economic development and also promote development of ancillary industries related to refinery and pipeline operations.

"Further, we explored potential for sourcing of coking coal at competitive prices from Mongolia for steel industry in India and securing raw material supply availability, especially coking coal, to achieve our ambitious target of 300 MT (million tonne) crude steel capacity by 2030-31," the minister added.