$47 million to be used for expanding petrol distribution

The European Bank for Reconstruction and Development is investing $47.5 million to assist in the expansion of petrol stations throughout Mongolia.

The bank will invest in Magnai Trade petrol stations group to finance the construction of new depots and gas filling stations, which will include convenience stores and cafeterias.

Magnai Trade is a leading Mongolian importer and distributor of petroleum products and has developed a large fuel wholesale and retail network in Mongolia.

Bank officials say the purpose of the investment is to expand the petroleum distribution industry in the country and boost competition in the industry.

Bank First Vice President, Varel Freeman, signing the project in Ulaanbaatar, said, "This is a very important investment for the EBRD and for Mongolia. The project will help a strong domestic company improve its standards and offer new products and services in Mongolia. We are particularly pleased to support its growth as an independent private operator in Mongolia."

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