The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Hopefully the Bloomberg interview will throw some light on the true situation. Cabinet approved the LP and gave an instruction to the local district to process the paperwork, that can't be ignored?
Need the Bloomberg interview.
Many thanks Dozzawba, I have been in this game for many years and hold 500,000 shares at avg 4.1p and although I am quite patient by nature I am starting to wonder what really is happening in terms of a long term investment and when the rewards will be reaped.
Doc83. Please read the correct version Belarus is not mentioned
Ulaanbaatar, August 17, 2023 /MONTSAME/. 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-Procurement-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 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 Direc
Thanks London Suede. It's good to see and read the actual cabinet resolution and confirmation that the Mongolian Government has instructed government departments to take forward the statutory registration of land and special permit.
I don't know if this helps to provide an clarity ref the refinery. I understand this interview took place with the Indian minister a month ago in the Mongolian capital. https://youtu.be/tqdCnQ74FX0
Hi Corpse. As an accountant (retired age 53yrs with good pension and pay off) I can read a balance sheet. What you say is correct although I'm not sure why you think PM has not found any oil? Bad Profit is irrelevant it has no shares.
Hi Corpse. Have you posted to the right BB as your chat holds no relationship to Petro Matad. We have struck oil in the Heron Well and the company has no accumulated loss except they have had to raise funding through additional share issues. Best you disregard BP he has no shares and is irrelevant to this BB.
Since spring I have been growing a Mongolian Sunflower called Heron. It now stands at seven foot and is starting to form the sunflower head. The RNS is linked to the growth of this sunflower so all will be well within the next few week when it bursts into life. So everyone please stop worrying!!!!
This is the script from the RNS ref Special License. The paperwork is being processed along with equipment and workforce mobilisation. Like most things in Mongolia everything takes longer than we would wish.
Having received feedback from all other ministries, the Ministry of Construction and Urban Development, which is responsible for land issues, submitted the documentation to Cabinet and the proposed certification was discussed at the Cabinet's meeting on 5 July 2023. The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law. The Company will now work with the central Land Agency and local authorities to complete the registration of the area and to sign the necessary contracts required by the regulations on the management of special purpose land. In parallel, we are already in discussion with service providers to determine a timeframe in which crews and equipment can be available for the completion for production of the Heron 1 well.
The certification of Block XX as special purpose land gives the Company the legal right of access to the entire area for the purpose of hydrocarbon exploration and exploitation.
The Mongolian law is rapidly changing and is embryonic to develop and deliver a legal framework that enshrines the values of a Sovereign State and is recognised on an international basis.
Cabinet have issued an instruction with regard to the LP.
Having received feedback from all other ministries, the Ministry of Construction and Urban Development, which is responsible for land issues, submitted the documentation to Cabinet and the proposed certification was discussed at the Cabinet's meeting on 5 July 2023. The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law.
One of the key words is FORMALITIES in the latest RNS. Cabinet, has used it's delegated powers to approve the LP which is binding in Law. My qualifications in Law are irrelevant as they relate to English law not Mongolian although I did study international law as a module when I did my MBA.