RE: RNS12 Oct 2023 08:34
Latest on mining ministry post. MB s photo is on the post .
MINING WEEK: INVITING INVESTMENT IN THE #OIL SECTOR OF #LAND
"Mining Week" continued on the third day with the theme "Investment and supply of the oil sector". Minister of Mining and Heavy Industry, J. Ganbaatar, will attract investment in the separated oil fields. The previous day, it was announced from the platform of the assembly that they are inviting investment.
Our country has identified a total of 34 oil fields, and these fields are open to investors, the minister said.
Within the framework of the revival of industrialization, major goals have been set to intensify oil exploration, increase production, and start production of refinery products.
At today's meeting /October 11, 2023/, the areas with oil evidence and potential reserves were presented. Our country's proven geological oil reserves are 333.8 million tons, of which 43.4 million tons are guaranteed operational reserves. The annual import of petroleum products is estimated at 1.9 million tons.
The "New Revival Policy" envisages the construction of domestic processing plants and crude oil pipelines in order to reduce dependence on imports of petroleum products, meet domestic needs, eliminate price fluctuations caused by supply, and reduce import costs.
In the future, certain works are being carried out in the direction of increasing the source of import of petroleum products.
For example, oil product transshipment facilities based on Gashuunsuhait, Zamyn-Uud, and Shiveehuren ports will be planned and built with public and private investments. The participants mentioned the importance of railway transportation and the capacity of domestic railways to improve the supply of petroleum products.
The most anticipated project of the public is the Oil Refinery. The processing plant being built in Altanshiree sum area of Dornogovi province is being implemented in four stages. In order to increase the resources of raw materials needed for the industry, the Mongolian government is following the policy of active exploration in the oil sector and openness to investors.
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