it instructed the Mining Ministry to implement actions to increase the sources. Mongolia’s extraction of oil can make it an oil exporter and the possibility for providing its own oil products based on the nation’s oil reserve. Currently, construction of the Darkhan oil refinery has begun, but it will take time until production starts.
Therefore, during the sub-meeting of Mongolia-China intergovernmental meeting held early 2013, the
Mongolian side made a request to the Chinese side to have its oil processedin China and take processed oil back to Mongolia. An Oil Refinery in Hohhot, China completed its expansion work at the end of 2012. In consideration that Mongolia’s oil supply reached 8 percent of the annual oil needs of the
oil refinery, a contract was established in April, 2013 to receive monthly up to 10 thousand tons of oil products from the oil refinery.
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| PM N. Altankhuyag, MPs, and other officials attend the ribbon-cutting ceremony to inaugurate the petroleum sales |
domestic importers NIC, Shunkhlai and Magnai Trade companies.Prime Minister N. Altankhuyag,
MPs, and other officials attendedthe ceremony to launch the sales of petroleum. At the event, taxis of the Ulaanbaatar Taxi Company were the first to fill their vehicles with the petroleum.
The PM said that Mongolia will increase its volume of oil supply in order to use its own petroleum more, and the Government will work to keep petroleum prices from raising. Mongolia supplies 400-500 thousand tons of crude oil yearly from Tamsag, Dornod Aimag to China. The price of Mongol-93 petroleum being supplied from Hohhot’s refinery was set as a basis to the price of Mongolia’s crude
oil exporting to China.
Source: 'Mongol Messenger' 2013.05.24
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