RE: Oil Export from PetroChina restarting, according to local environmental activist14 Jun 2022 17:49
You seem to be pumping old information.
Of course information will be available in the next RNS. That’s what an RNS is for. The fact we are approaching the end of June, three months into the 2022 drilling season and we still have no update let alone an execution strategy that is firm and shared with shareholders is on the Matad boards part delusional.
It’s unacceptable and is not down to Covid.
Time for the board to wake up and do what they are paid to do.
Mining and one project in particular is responsible for 40% of the countries GDP.
Oil is at present not a large part of the economy. However as 2025 looms closer and the refinery is commissioned oil becomes a focus hence the renegotiation of the China PSC which was originally signed in the mid 90s.
Matads current inability to get into production only makes them a focus.
The current government is the best Mongolia has had. The current PM is visionary and is making significant changes to the country all on the back of Covid decimating his economy. His senior ministers again are outstanding and understand what they wish as a cabinet to achieve over the short to medium term.
Oil will be a big part of this. The countries investment in a refinery presents a huge opportunity for companies to feed that. Matad will be key to this. The recent discussions regarding the Petro China PSC is a clear indicator the government wants a self sustaining oil sector. I was only reading today the stats for petroleum imports from Russia.
The question I have is if the deck is now so heavily stacked in Matads favour, why are we not getting clear and consistent updates as to how Matad will deliver a stated quota to the government.
Unless there is something else happening within Matad at board level they are not telling the markets, could this be the reason for the ongoing failure to deliver ?
Been observing the news coming out of a cabinet meeting that Mongolia considers the Petro China PSC illegal and potentially corrupt having not also paid adequate tax.
I admire the governments stand on anti corruption and especially the Prime Ministers push for change, which is a difficult topic to address in Mongolia, but shows the investment landscape is changing for the better.
I think as this change is integrated into the business sector within Mongolia this is good for Matad and it’s investors.
Government meeting on the issue of Petro China today.
At today's government meeting, a working group was established to review the production sharing agreement with PetroChina Daqing Tamsag LLC and resolve the issue of renewing the agreement in accordance with relevant legislation.