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Sept. 8, 2005 / 10:30 AM

Mongolia to build oil refinery

ULAN BATOR, Mongolia, Sept. 8 (UPI) -- Two Chinese companies will invest $200 million to build Mongolia's first oil refinery in Ulan Bator.

CSEIC Fuel Trade Co. Ltd. and Beijing Jingdeshun Materials Co. Ltd. will construct the refinery through their joint venture, Heilongjiang Huafu Industrial Co. Ltd., China's state-run media agency Xinhua said Thursday.

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To be known as the Zuunbayan Oil Refinery, it will have an annual production capacity of 1 million tons and is expected to go into operation in 2007.

Half the products will be used to meet demand in Mongolia while the rest will be exported to markets in northern China.

Austin visits Ukraine, voices U.S. support against Russian aggression

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