ULAN BATOR, Jan. 13 (Xinhua) -- The Mongolian government has decided to finish construction of the country's first oil refinery in the central Darkhan province by the end of 2015.
Mongolia will construct the state-owned refinery with the capacity of processing 2 million tons of crude oil per year in Darkhan by 2015, and start negotiations with Japanese banks to obtain loans for the refinery, the government said in a statement Saturday.
The refinery will be built by Japan's Toyo Engineering Corporation with the Mongolian companies as subcontractors.
Mongolia has no oil refining industry. Some 90 percent of its consumed petroleum products are imported from Russia.