First ever grass root refinery in Sainshand, Dornogobi Provnce, in Mongolia is being set up for a capacity of 1.5 Million Metric Tonnes Per Annum (MMTPA), which will be implemented with the funding from Exim Bank of India under $ one billion Line of Credit (LOC). This refinery project would have 65% Indian content and 35% content would be foreign, including Mongolian. New Delhi is also expected to take a decision on enhanced funding shortly as requested by Mongolia. The government of that country has requested India to consider allocating additional funds after examination and analysis of the Detailed Feasibility Study (DFS). Based on the timelines projected, the refinery is likely to become fully operational by mid- 2023. Senior government officers told Financial Express Online that is perhaps single largest Line of Credit funded project from the India and was approved during the historic visit of Prime Minister Narendra Modi to that country in 2015. \u201cThe spin-off benefits of this critical project is expected to usher an era of energy independence in Mongolia and to also generate new economic opportunities, create employment and enrich the socio-economic fabric of Dorno Gobi,\u201d officers added. This project is a major milestone in the relationship between India and Mongolia - its strategic partner in this part of the world and is expected to touch all aspects of economic activities in Mongolia and boost its economy. The proposed refinery will use the sweet crude from Mongolian oil fields and produce LPG and transport fuel like Diesel, Jet Fuel and Gasoline compliant with Euro-V or MNS specifications. And the crude will be transported through heated and buried pipelines in view of extreme weather conditions in Mongolia to make it viable for year-round operations without disruption. Mongolia\u2019s government has also shortlisted prestigious Indian company Engineers India Ltd (EIL) as their Project Management Consultant (PMC), a formal agreement for which was inked on Monday between Mongol Refinery and EIL. EIL along with Mongol Refinery and Ministry of Mining of Mongolia is presently organizing an exhibition in Ulaanbataar city. The three-day exhibition between May 12-14 is being attended by about 32 Indian companies showcasing their technological strengths, technical superiority, and capabilities. Also read: Will India look towards Latin America and the Caribbean to balance the Crude oil import? As a special gesture was inaugurated jointly by three top Mongolian dignitaries, D Sumiyabazar, Minister of Mining and Heavy Industry, Tsogtbaatar, Foreign Minister of Mongolia and Oyun Erdene, Chief Cabinet Secretary and other diplomats. The three top ministers of the Mongolian government emphasized the importance of this vital economic project as a shining example of India-Mongolia cooperation and expressed hope that this collaboration will further, intensify, deepen and strengthen relations with their \u2018third neighbour\u2019 India.