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Events
Minister Confirms Fuel Stability, Warns of Geopolitical Risks www.montsame.mn
Minister of Industry and Mineral Resources Damdinnyam Gongor announced during a briefing on Cabinet decisions that Mongolia's fuel reserves are currently sufficient, with storage tanks full.
However, the Minister noted that the future outlook remains uncertain due to the global geopolitical situation and the ongoing war between Russia and Ukraine. “Over the past year, we have met with the Russian side eight times. I will travel there again at the end of this month. We will do everything within our power, utilizing every effort. There is currently a fuel shortage in Moscow, and distribution is being rationed in outlying regions. As for Mongolia, we are receiving AI-92 gasoline as a result of agreements established with the Government of Russia,” he stated.
Additionally, Minister Damdinnyam announced the completion of the preliminary selection process for the Steel Complex construction project. An open international tender was announced for the project, with information distributed through all diplomatic missions and international websites. Over the course of more than a month, five enterprises expressed interest in the project, of which two have been shortlisted. He noted that a proposal request regarding the project has been sent to these enterprises with a one-month deadline. Following the evaluation, the issue of entering into an investment agreement with the single selected participant will be brought before the Cabinet and subsequently presented to Parliament.
He added, "The steel project is a government initiative that will make a valuable contribution to Mongolia's development and progress, transitioning us toward domestic processing rather than extracting and directly exporting our natural resources raw. Furthermore, the winner of the selection process for the copper smelting plant has been determined, and the Cabinet is currently conducting negotiations. For the aluminum industry project, decisions will be made regarding securing the required land for special state needs and granting authorizations. Negotiations for the construction of a gold refinery are also ongoing, and an open selection process will be introduced to the public soon."
Published Date:2026-06-17
