Standing Committee approves oil policy

The Standing Committee on Economics approved the Government’s oil policy on Wednesday.


The Government’s policy covers the period until 2015, and calls for building refineries in the central, eastern, and western regions of the country

Building refineries in the central and eastern regions is feasible, but it will be more difficult in the western region, due to a lack of oil exploration there. The Government believes that building the refineries will be economical and keep fuel prices low. But some members of the committee said that the refineries could import crude oil from abroad, and that would not keep fuel prices low.

Fourteen companies are engaged in oil exploration in Mongolia, six of which are domestic companies. Committee members also decided to allocate capital for refinery construction from the state budget. The oil policy will next be discussed in a session of Parliament.

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Source : News.mn

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