The authorities of Mongolia and Kazakhstan have signed a memorandum of understanding with the aim of developing cooperation in the energy and mining sectors, according to a statement on the website of the Mongolian Industry and Natural Resources Ministry.

Mongolian Industry Minister Gankhuyagiin Dambinyam held a meeting with Kazakh First Deputy Trade and Integration Minister Aizhan Bizhanova to discuss the expansion of bilateral cooperation, the statement said.

"The sides discussed opportunities for cooperation in the areas of mineral exploration and mining, petroleum products and nuclear energy, with Mongolia proposing a long-term agreement on the import of crude oil and petroleum products from Kazakhstan," it said.

It was noted that Kazakhstan expressed support for this initiative.

The sides also discussed potential joint projects in the manufacturing industry, particularly in the area of gold refining. The authorities of both countries agreed to cooperate in the aforementioned areas by signing a memorandum of understanding.

Kazakhstan is one of Mongolia's main economic partners in Central Asia. According to data from the Mongolian General Customs Administration, total trade turnover with Kazakhstan in 2025 amounted to $58.4 million, up 7.7% compared to the previous year. Petroleum products account for only 1.5% of the import structure.

As reported, in summer last year, the authorities of Mongolia and Kazakhstan announced their intention to increase bilateral trade turnover to $500 million. To achieve this goal, the sides agreed to create new short transport routes and logistics corridors.

It was also reported that Mongolia is looking for ways to diversify its imports amid the military operation being carried out by the United States and Israel against Iran, which prompted a rise in global oil prices. In order to mitigate the impact of rising oil selling prices in the country, the Mongolian authorities decided to adjust customs duties on imports of petroleum products from Russia. Russia is the main supplier (95%) of petroleum products to Mongolia.

Published Date:2026-03-24