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Heron oil will generate income for the Mongolian Government and reduce its balance of payment deficit with the first barrel of produced oil. The World's oil needs may well tail off and stop long before the Heron field has yielded its last barrel of oil? They won't get anything for any oil that's left in the ground after this point.
I suspect this year would be their preference, which they've already stated, and what they say does appear to (eventually) happen. I think now the Cabinet decision has been made 'on the nod' no one's going to be minded to be difficult, at least at Government level. How it's going to be implemented at a local level remains to be seen but the Government have control of all the levers of power should they choose to use them.
Profit Margin? The same as that of Petro China minus whatever their cut is for transportation costs.
It's all still looking very good from where I'm sitting.
Mr Master
Good post. I did see news before but did not post. I think MOST reader can see now mr Bowley is fraud with his posting insider info whatever his position is.
Always "source say this" or "friend show me picture" or "President stole all money"
Then we have real news with real top level people but mr Fraud Bowley like to spend time on a BB telling us about Insider Info he say he have.
He still will REFUSE to answer why same Insider info say No Cabinet Approval on special Certifucation until Oct (minimum) on July 4th and then decision made NEXT DAY on July 5th.
Think sensible one know what he up to.
Be happy but do not defend FRAUD 馃
I am not sure it really matters when the refinery is finished.
Mongolia need the money to pay the soft interest and the loan for the refinery
china need the oil
We get final permit (in time) we drill and hopefully everyone is happy.
So ends this story let us just hope it is not a fairy story.
//Heron oil will get to market via Petro China for as long as it takes with a good profit margin.//
IF the MG don't decide to (p)reserve Heron oil for the refinery.
(What "profit margin" do you expect?)
In order to get started with Heron. I refer to Thornogson's today's post @14.08 below. Even if the refinery teurns out to be a "long term project": PM couldn't care less. We are out in the clear!
No refinery / no oil /no problem !
I think the significance of the refinery for Petro Matad and its shareholders is, regardless of the competency of it's planning and execution, the obvious intent and commitment it shows to the Government's desire to produce, refine and meet its own oil/petrol needs going forward.
They're backing Petro Matad as part of this wider process but Petro Matad's future isn't directly linked to the progress of the refinery's construction.
Heron oil will get to market via Petro China for as long as it takes with a good profit margin.
Master.
If you believe the politicians that is your choice.
A friend took a picture of the site for me last month. His verdict. 4-5 years away from completion.
I am sure you will have never managed an EPC project but when you read the words, the design work is in the final stages, this means they are not even at IFC stage, which after detailed design will be another year before construction even starts.
As for the other comment, solve the problem of additional funding, what you are looking at is a project already out of control and at least four years away from commissioning.
Now if you have ever run an EPC or EPCm project in an emerging market I am happy to be corrected.
Heron 1, a 2 week workover will be announced soon.
Get ready guys,
MB is in Mongolia for a reason.
Great info Master, thank you!! 馃榾
Bowley I think you might have got wrong information.
It's obvious that government projects at this level do not stop . They will find money from anywhere.
L. Munkhbaatar: We Will Fully Support Commissioning of Oil Refinery on Time
L. Munkhbaatar: We Will Fully Support Commissioning of Oil Refinery on Time
Today the Vice-Chairman of the State Great Khural of Mongolia L. Munkhbaatar received the delegation headed by the Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia M.P. Singh.
At the beginning of the meeting, the Vice-Chairman of the State Great Khural L. Munkhbaatar noted that major projects and programs significantly contribute to the enrichment of the Strategic Partnership between Mongolia and India with new content, and development is taking place intensively, and congratulated the Indian partners on the occasion of the 76th Anniversary of the Independence of the Republic of India. At the meeting, the parties discussed the progress of the Oil Refinery Construction Project and exchanged opinions.
Considering the time to spend on the engineering work of each oil refinery facility, the construction work is divided into 4 parts: 袝袪小-01, 袝袪小-02, 袝袪小-03, and 袝袪小-04 (袝袪小: Engineering-Purchase-Construction). 袝袪小-01 package work or construction of non-technological buildings started in 2021. They are working to hand it over within this year. The contractor for EPC-02 and 03 package works and construction of crude oil pipeline was selected in 2022 and the contract was signed. Currently, the design work is in the final stage, and the construction work at the factory site officially started in April of this year. H.E. Ambassador M.P. Singh presented the announcement of the tender for the selection of the EPC-04 package construction contractor. He noted that the Minister of Finance of Mongolia and Exim Bank of the Republic of India signed a new loan agreement on the 袝袪小-01, 袝袪小-02, 袝袪小-03 projects for the construction of the oil refinery in Mongolia, and postponed the loan repayment period until 2030.
CEO of Engineers India Limited Vartika Shukla said that due to the pandemic and international geopolitical situation, increase of the price of materials, machinery and equipment on the world market affects the total investment expenses of the project. As it is necessary to solve the problem of additional funding for the implementation of the EPC-04 set of works, she asked the Parliament to support their endeavors.
With the completion of the oil refinery, Mongolia will get rid of dependence on fuel imports, and a new branch of the petrochemical industry will be created in the country reducing foreign trade deficit. The Vice-Chairman of the State Great Khural of Mongolia L. Munkhbaatar underscored that the Parliament will fully support and pay attention to the creation of a favorable legal environment and the coordination of relevant institutions in order to successfully implement the project, a symbol of cooperation between the two countries.
Executive Director of "Mongolian Oil Refinery" LLC D. Altantsetseg, Project Management Consultant for Oil Refinery, Chairman and Managing Director of Engineers Indi
BP - I thought they were all sells?
It's negotiated order to sell peanuts today....
HUGE number of trades today - FOMO definitely kicking in. Production RNS on Monday?
Badprophet hi, looks like the Market might be selling off, what will the bagger be from 1p or a fraction of ? thanks
Horrible outlook ahead. Evergrande in Chapter 11 in the US. Warren Buffet sitting on 140 billion in cash, ready. Michael Burry of the Big Short fame is betting over 1.6 billion on a crash before year end. US pandemic savings due to be exhausted next month. There is a big crunch coming.
PMTD and MB and MG have to move quickly now. Murky waters lie ahead for sure.
And as usual.. ignore any comment that exposes your agenda. There is just NO NEED to post 24/7 the same garbage. The company will do the speaking. Utter charlatan
I think for WOS it will be a de-bagger
All evidence points to the Heron Field being developed by Petro Matad at some point.
All evidence points to this being the Company maker with significant share price re-rating at this time.
All evidence points to this event now being closer than ever with hopes of it happening in 2023 (which would necessitate a confirmatory RNS within the next 4-6 weeks?)
All evidence points to the share price currently being close to long term share price lows.
Time to buy or sell?
If it doesn't happen this year the SP might drop temporarily but as Winter draws to a close the SP always rallies into the drilling season and expectations for 2024 will be higher than most years, especially if all the legalities have been sorted and it's just a case of waiting for the warming Spring sun to shine.
Just watch out for the days getting longer, snow drops in the garden and the return of Mr Positive to the board.
A ten bagger from 3p is much more feasible than a ten bagger from 7p isn't it!
Keep deramping. I and many guys here aren't selling any shares.
This is an absolute gem. Sit tight and add as much as you can.
10 baggers this year.
Guys, enjoy this beautiful rainy day.
What a nice summer we have. We just need that beautiful RNS that makes MATD an oil producer.
More sales going through
The price of this share is so low it can only go up with all the good news to come.The MM are playing this share as buys are showing as sells.Very big spread at the moment showing that there is a shortage of stock
LOL how can I not give you tick up Mr BP 馃槒
There's really only one RNS we're waiting for: The Heron green light and all systems go RNS.
I get the impression from Mr Buck's recent LSE update that he's not particularly in the loop RE day to day progress with this so he may be as surprised as shareholders when it finally happens.
It may come next week, next month or next year.
If you're happy to wait I think all will be well.
It also means you can ignore the day to day tittle tattle and name calling on the board which is nice.