Source: Undesnii Shuudan                              Date: 1 september, 2010

Prime Minister S.Batbold announced after watching the exploration work of the 100% Chinese company Donshen in the Gobi that Mongolia’s first oil refinery will be ready by 2014. Donshen has a product sharing agreement with the Government and hopes to begin oil extraction before the end of this year. Exploration results so far indicate there is enough oil for the fields to be operated for 30 years.

The oil refinery is planned to be built in the Sainshand industrial complex and 10 companies have already expressed their interest in taking up the work. The Prime Minister said Mongolia has enough oil reserves to be self-sufficient and once refineries start processing the crude for domestic use, the country will leave behind its traditional 100% dependence on import.