Hyderabad (Telangana) [India], September 29 : Megha Engineering and Infrastructures Limited (MEIL) has secured a Letter of Agreement (LOA) for constructing a crude oil refinery plant in Mongolia. The project, valued at USD 648 million, is the company's third project in the country.
The new project will come up within the country's first greenfield Mongol Oil Refinery.
This Mongol Refinery project is a Government-to-Government (G2G) initiative. Upon completion, the refinery is expected to produce 1.5 million tonnes of crude oil annually, catering to Mongolia’s domestic demand for gasoline, diesel, aviation fuel, and LPG.
Today, MEIL hydrocarbons president P Rajesh Reddy and Altantsetseg Dashdavaa, executive director representing the Mongol Refinery State Owned LLC, inked the new project in a contract signing ceremony at Ulaanbaatar in Mongolia.
“For MEIL, which holds a prominent position in the global hydrocarbon sector, with a presence across upstream, midstream, and downstream operations and a track record of delivering onshore and offshore projects worldwide, the new venture marks the company’s third foray into the region,” said MEIL Managing Director PV Krishna Reddy said.
MEIL’s inaugural venture in Mongolia involves the construction of the country’s first greenfield Mongol Oil Refinery project, a significant undertaking.
Within this refinery, MEIL is overseeing the construction of EPC-2, which encompasses Open Art Units, Utilities, Offsites, and plant buildings valued at USD 598.90 million. Additionally, MEIL is constructing captive power plants for the EPC-3 phase, valued at USD189.72 million.
The company is using cutting-edge technology in the construction of all the projects. The value of the new EPC-4 project is USD 648 million. The total value of the three projects now is USD 1.436 billion.
MEIL, with its headquarters in Hyderabad, has its presence in Belgium, Italy, Chile, Houston in USA, and now East Mongolia.
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