Small oil refineries planned in regional centers

Apart from the 44,000-barre-per-day oil refinery to be built in Darkhan by a Japanese company in cooperation with Mongol Seiku at an estimated cost of USD600 million, smaller refineries needing an investment of around USD40 million each are also planned to be constructed in regional centers. This has been said by Petroleum Authority Chairman D. Amarsaikhan.

Annual consumption in the country is expected to grow from the present 850,000 tons to 1.5 million tons by 2015. The country produced and exported to China about 2 million barrels of crude oil in 2009. This rose 41.1% in the first nine months of 2010. With proven reserves of 119 million tons, Mongolia has enough oil to meet its own needs for at least 30 years, even if no new discovery is made.