Engineers India Ltd updates on Mongol Refinery Project, Mongolia

Engineers India Limited has announced that Mongol Refinery (MR) Project achieved a critical milestone of executing EPC contract agreement for EPC-2 (Open Art units, Utilities & Offsites, Plant Buildings) and EPC-3 (Captive Power Plants) at Ulaanbaatar, the capital city of Mongolia. The LOA has been awarded to M/s Megha Engineering (MEIL) on 28th October 2022.

Mongol Refinery having 1.5 MMTPA crude throughput is being set up in Mongolia with the Line of Credit fund by the Government of India. This project is also part of the Development Partnership Administration initiative of the Ministry of External Affairs (MEA), Govt. of India.

Engineers India limited (EIL) is the Project Management Consultant (PMC) for this prestigious G2G collaboration project. EIL is committed to successfully execute this project of national importance that intends to catering the energy security for Mongolia. It is worth noting that Mongolia is presently importing its total fossil fuel consumption requirement such as Diesel, Gasoline, Jet fuel, LPG etc. from its neighboring countries. Construction of this refinery shall also open numerous job opportunities and cater to the development of industries in the vicinity aiding the Mongolia's economic growth in the years to come.

Shares of Engineers India Limited was last trading in BSE at Rs. 68.65 as compared to the previous close of Rs. 67.65. The total number of shares traded during the day was 136235 in over 1644 trades.

The stock hit an intraday high of Rs. 69.15 and intraday low of 67.65. The net turnover during the day was Rs. 9355883.00.

Source : Equity Bulls

Keywords

EngineersIndia INE510A01028 MongolRefineryProject CriticalMilestone EPCContractAgreement