 The Mongolian government is
taking steps to protect the country from large spikes in the price of
oil.
A bill has been drawn up for
Parliament to regulate foreigners wishing to sell oil in Mongolia. Under
the new law, it would be necessary for foreign oil companies to negotiate
terms for a sale through a juridical representative of the government.
Additionally, no single oil
producer will be allowed to sell more than 30 percent of the oil consumed
by the Mongolian domestic market.
These new laws follow oil price
rises by Russia’s Rosneft company, which supplies over 90 percent
of Mongolian oil.
According to the government,
since March Rosneft has increased oil prices to Mongolia by 14 to 26
percent.
At the same time, the Russian
company said it would return to less expensive pricing if Mongolia would
allow Rosneft to build 100 filling stations in the cities of Ulaanbaatar,
Darkhan, and Erdenet as well as in some provinces.
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