COVID-19 DERAILS MONGOLIA’S OIL EXPORT TARGETS

Due to the coronavirus restrictions, Mongolia as, so far, failed to fulfill its oil exploration and exports plan for 2020. As of 15 April, the country extracted 65.4 thousand tonnes of crude oil; 46.1 thousand tonnes of which were exported generating revenue of MNT 21.3 billion.

Mongolia has planned to earn MNT 335.6 billion from export of 890 thousand tonnes of oil this year.

According to the Ministry of Mining and Heavy Industry, Mongolia has identified 332m tonnes of oil reserves; however, at present only 42.6m tonnes are technically available for extraction.

Until Mongolia’s first oil refinery comes on line, the country has to export its crude oil, practically all of which comes from the south-east of the country; at present all goes to China.

Source: https://news.mn/en/792019/