REVENUE FROM CRUDE EXPORT WAS MNT57.2 BILLION LAST YEAR

Reporting on the sector to the Standing Committee on the Economy, the Chief of the Petroleum Authority, Mr. J.Amarsaikhan, said on Tuesday that 25 fields have been identified for oil exploration and product sharing agreements have been signed for 18 of them until the end of last month. “Of the 13 companies working in oil exploration and production, 33% are Mongolian, 39% Chinese, and the remaining 28% are from other countries,“ he said.
A million tons of oil has been produced since 1998 and 975,600 tons of this has been exported to China. The state budget has so far earned MNT144.1 billion from sale of crude and other oil-related sources. In 2010, 295,100 tons of oil was exported for MNT57.2 billion. This was 1.8 times more than in 2008.
Mongolia imports all the petroleum it uses. The import figures for 2008, 2009 and 2010 were, respectively, 884,100 tons, 779,600 tons, and 886,400 tons. Russia was the source for 98.2% of this last year, while 1% came from China and 0.8% from South Korea. With growing industrial demand, it is estimated that Mongolian consumption will increase to 1,200,000 tons in 2015.
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