LAW TO SUPPORT OIL REFINERY DEVELOPMENT APPROVED
State Great Khural of Mongolia approved a Law on Supporting the Oil Refinery on January 29, 2021, the last day of its autumn session.
The law is aimed at ensuring realization of the construction project of an oil refinery underway with the loan agreement between the government of Mongolia and the Exim Bank of India within its scheduled date, intensify the project implementation, define the Mongolian government’s support to the project and create the legal framework.
The law was co-developed by the Ministries of Justice and Home Affairs, Finance and Mining and Heavy Industry, Mineral Resources and Petroleum Authority and Mongolian Oil Refinery state owned company.
The approved law creates legal foundation for actions and activities related to the oil refinery under construction in Dornogobi Province as well as its facilities and infrastructures, including the usage of international norms, standards and regulations, control, facilitation and approval of the oil refinery’s blueprint and designs and commissioning of the factory and the establishment of a product sharing agreement on the oil field and ensuring of stable supply of raw products, reports the Ministry of Mining and Heavy Industry.
Resource: https://montsame.mn