At the press conference, the Mining and Heavy Industry Minister D.Sumiyabazar briefed about last year’s report on the sector and plans for 2018.

For instance, the Mineral Resources and Petroleum Authority expects to accumulate MNT291.8 billion at the state budget in 2018, of which MNT223.4 billion will come from oil export. As of January, 2018 the sector accumulated MNT21.9 billion, of which MNT19.2 billion came from oil export.

In 2018, it is planned to extract 8.1 million barrel or 1.1 million tons oil, accumulating MNT223.4 billion at the state budget. As of February 1, 2018, it has extracted 616.8 thousand barrel or 83.6 thousand tons of oil, with a 7.6 percent fulfillment of the plan. Moreover, 558.2 thousand barrel or 75.7 thousand tons oil were exported. The oil export in January brought MNT19.2 billion to the state budget.

In addition, the Minister said that Mongolia has a reserve of oil products equal to 38-days’ consumption by February 5, 2018.

M.Unurzul