An oil refinery project launched construction in Altanshiree soum of Dornogobi Province.
The refinery's construction will be financed by a soft loan of 1 billion USD from India. Prime Minister U. Khurelsukh stated, “It is a historic moment for Mongolia to have an oil refinery, and bilateral relations between Mongolia and India have advanced to a new level.”
The oil refinery will have the capacity to process 1.5 million tons of oil per year, and is expected to recover its costs within 10 years of launching operations. An initial estimate of Mongolia's petroleum reserves has been set at 40 years. The oil refinery is expected be fully operational by 2022.