Japan Bank for International Cooperation Ready to Finance Mongolian Oil Refinery Project

Japan Bank for International Cooperation (JBIC) is ready to support the oil refinery project of Mongolia, said Mr. Ryuichi Kaga, JBIC’s Resident Executive Officer for Asia and Oceania, when he met with Mongolia’s Parliament Speaker, Mr. Demberel, in Ulaanbaatar.

Representatives from JBIC and two private corporations of Marubeni and Toyo Engineering held a meeting with Mr. Demberel to discuss the oil refinery project.

The Government of Mongolia has decided in principal to issue a government warranty to finance the project, said Mr. Demberel, adding that all legal and other issues have been settled for the project.

On his part, Mr. Kakuma Hatano, Vice-President of Toyo Engineering, stressed that Tokyo can not only build the refinery, but also can train Mongolians to become highly qualified specialists in this field, once the financing is solved.

The construction of a refinery capable to produce 44,000 barrels of oil per day will commence this year to be completed in three years. Total cost of the project is US$600 million.

The oil refinery will be built in central province of Darkhan-Uul Province. The Japan Bank for International Cooperation is a Japanese public financial institution and export credit agency and is wholly owned by the Japanese government. It is headquartered in Tokyo and operates in 18 countries with 21 offices.

Comments

Popular posts from this blog