As of December 4, 2019, Mongolia has extracted a total of 6.39 million barrels, or 867,100 tons, of crude oil, according to the Ministry of Mining and Heavy Industry. Of these, 6.09 million barrels, or 827,700 tons, were exported to China, earning MNT 210.2 billion. Mongolia plans to extract a total of 8.15 million barrels, or 1.1 million tons, of crude oil this year, which would contribute MNT 335.6 billion to the state budget. Therefore, the country has so far implemented 78.5 percent of its extraction plan and 74.8 percent of its export plan. Currently, there is no oil refinery in Mongolia. The country’s first oil refinery is under construction in the southeastern province of Dornogovi, with an expected date of commissioning in late 2022.

Published Date:2019-12-19