The export project brings together seven Russian agri-machinery manufacturers: Combine Plant Rostselmash LLC, JSC Clever, JSC Buzuluk Heavy Engineering Plant, Voronezhselmash LLC, Kazanselmash LLC, Basis LLC, Omskagroservis LLC.

According to Nikolay Tsekhomsky, Vnesheconombank First Deputy Chairman - Member of the Board, the deal marks the continuation of successful cooperation between Vnesheconombank and Development Bank of Mongolia, paving the way for Russian exporters to Mongolian market and for Mongolian partners - to Russian equipment supplies on favourable terms using export credit funding.

Vnesheconombank and Development Bank of Mongolia are now considering the possibility of joint implementation of other high-potential Russian export projects in Mongolia.

Development Bank of Mongolia was founded in 2011 by Order of the Mongolian Government. The bank’s sole shareholder is the Mongolian Government. The activity of the bank is governed by the Development Bank Act. The bank specializes in financing projects with positive commercial and social impact. The bank’s consolidated assets as at 30.06.2017 amounted to USD129.3m, with equity capital of USD431m and 2Q2017 income of USD43.4m.

97 elementary school students in the city attended a special class on Wednesday given by Khurelbaatar Indra. She is a Mongolian who promotes international cultural exchanges in the prefecture.

The children learned about a Mongolian game, which is played by shooting sheep bones with the fingers. They also listened to a "morin khuur." It is a traditional stringed musical instrument.

During lunchtime, the children enjoyed 3 Mongolian dishes. One of them, stir-fried rice, is commonly served at home in the country.

Indra said she is happy to see exchanges between the prefecture and Mongolia developing further.

Gosen City receives Mongolian students every year. They participate in an exchange program and stay with local families. Gosen was chosen to be one of the host cities for Mongolian Olympic athletes during the upcoming summer games.

On the secondary market for government securities, 1,584 bonds worth MNT158.2 million were traded.

The MSE ALL Index rose 0.18 percent to stand at 1,167.92 . The MSE market cap stands at MNT 2,287,585,337,317.

The World Bank forecasts the economy will grow by 1.7 percent this year and next, and by 1.8 percent in 2019.

Alexey Druzginin / Anton Denisov / Russian Presidential Press OfficeRussian economy to grow steadily in next 5 years, but has capacity for more – IMF
"The medium-term growth forecast for Russia has slightly improved after a faster-than-expected recovery in demand on the domestic market and due to higher exports,” said the report.

“Structural reforms are required for the improvement of the Russian economy’s long-term growth.”

The bank’s experts have attributed economic risks to "low oil prices and the possible negative consequences” of the expansion of anti-Russian sanctions.

Last week, the International Monetary Fund (IMF) raised its forecast for Russia's 2017 GDP growth to 1.8 percent from its previous estimate of 1.4 percent. The IMF sees next year’s growth at 1.6 percent.

The UN members presented an implementation course of the Vienna Program of Action for LLDCs (2014-2024) in their countries and highlighted the necessity of making efforts in improving infrastructure, business environment, strengthening private and public entities, producing VAT included products, financing infrastructure sector and increasing studies on investment and technical assistance.

O.Enktsetseg informed about the Mongolian Government’s policies and actions for implementing in the frameworks of the Vienna Program of Action and presented the national implementation progress and its priorities.
"Mongolia aims to join international and regional agreements to facilitate trade and transport, actively participating in regional economic integrations, and is cooperating with the two neighbors within the frames of ‘Belt and Road’ initiative, said O.Enkhtsetseg. She then informed that the Government decided to establish the Investment and Research Center for the Economic Corridor program and the National Committee on Trade Facilitation to ensure the implementation of WTO Trade Facilitation Agreement.

O.Enkhtsetseg further noted that the Mongolian Government of Mongolia is holding an international forum entitled 'Regional Transport and Logistics Cooperation' on October 19-20 in cooperation with United Nations Economic and Social Commission for Asia and the Pacific.

The Hywind project, built by Norwegian oil company Statoil ASA and Masdar Abu Dhabi Future Energy Co., has five turbines floating 25 kilometers (16 miles) off the coast of Peterhead, near Aberdeen. The project has a capacity of 30 megawatts and cost about 200 million pounds ($263 million) to construct.

“This marks an exciting development for renewable energy in Scotland,” said First Minister Nicola Sturgeon. “Hywind will provide clean energy to over twenty thousand homes and will help us meet our ambitious climate change targets.”

Wind turbines have been installed on seabeds since the 1990s. Taking them offshore typically increases wind speeds and reduces complaints from neighbors, but it has also been limited to relatively shallow seas. Floating turbines are expected to open the industry up to new markets like Japan, the U.S. west coast and Mediterranean, where seabeds drop off steeply from the coast.

“Hywind can be used for water depths up to 800 meters, thus opening up areas that so far have been inaccessible for offshore wind,” said Irene Rummelhoff, executive vice president of the New Energy Solutions business area at Statoil.

Batteries

Some of the energy generated by the turbines in the sea will be stored in batteries. Statoil has installed one of its Batwind lithium devices, which can store 1 megawatt-hour of power. This will help steady the flow of power generated by the wind farm.

The cost of conventional offshore wind farms has been plummeting in recent years. The U.K.’s latest renewable energy auction saw prices drop to 57.50 pounds per megawatt-hour, less than a third the cost of new nuclear in the U.K. Rummelhoff expects floating offshore wind to follow a similar trajectory.

“Statoil has an ambition to reduce the costs of energy from the Hywind floating wind farm to 40 to 60 euros per megawatt-hour by 2030,” she said in a statement. “Knowing that up to 80 percent of the offshore wind resources are in deep waters where traditional bottom fixed installations are not suitable, floating offshore wind is expected to play a significant role in the growth of offshore wind going forward.”

The Hywind project receives government support in the form of renewable obligation certificates. It gets 3.5 ROCs, which currently adds up to about 140 pounds per megawatt-hour, according to Statoil spokeswoman Elin Isaksen. This is on top of the U.K.’s wholesale power price which has averaged 48.75 pounds per megawatt-hour over the past year.

The Government and non- governmental organizations, unions, activists and scientists as well as companies producing eco-products will participate in the event.

The event will concentrate on activating actions to respond air pollutions in urban places, increasing public involvement, determining long, medium and short-term policies and actions that have to be implemented by the Government and on drawing up a proposal of actions in ensuring citizens’ right to live safely.

Prior to the forum, three panel meetings take place in Ulaanbaatar, namely; ‘Air-pollution in ger districts and decisive actions’ on October 18, ‘Motor vehicle emissions and decisive actions’ on October 19, and ‘Decentralization and decisive actions’ on October 20.

The Erdenet-Ovoot line is part of the Northern Rail Corridor, a project connecting the national rail network from Erdenet to Aspire’s Ovoot Coking Coal Project and onto the Mongolian-Russian border town of Arts Suuri. Through the connection with the existing national railway, it also provides a direct route to the Chinese market for Russian freight forwarders. Moreover, the Russian government plans to link the rail from Arts Suuri to the Trans-Siberian Railway at Kyzyl, creating a potentially vital international rail link.

Contract
The first stage of the feasibility study was completed in January this year. In conclusion, the costs of the project were estimated at 1 billion Euros, minus contingencies. The second and last stage of the study is expected to be completed by the end of March 2018. In addition to the line between Erdenet and Ovoot, the study also paves the way for the eventual extension of the line to Arts Suuri.

As part of the contract, NR has committed to considering CGGC for the design, procurement and construction phases and if it does not award these contracts, to compensate the Chinese company. CGGC will in turn assist NR in the search for investors for the Northern Rail Corridor and planning for the extension.

International Economic Corridor
Aspire has said the Northern Railway will open up significant new opportunities for various industries, small business, the community and local economy in northern Mongolia, while in the meantime integrating Russian rail planning, China’s Silk Road and Mongolia’s rail policy to create an international Economic Corridor, facilitating increased levels of trade between the three nations and the wider Asia-European economies. The 1,520 millimeter-gauge line will be open for bulk and intermodal freight trains, but could also be used for passenger services.