Solar Power Plant to Be Built in the Western Region www.montsame.mn

Under the “Upscaling Renewable Energy Sector Project” implemented by the Ministry of Energy with financing from the Asian Development Bank, a contract has been signed on a turnkey basis with China’s Zhongtian Photovoltaic Technology and Jiangsu Zhongtian Technology companies to construct a 19.8 MW solar power plant with an 8 MWh battery energy storage system in Myangad soum of Khovd aimag.

The selected contractor is one of China’s leading enterprises, operating in numerous countries with more than 80 subsidiaries and approximately 16,000 employees. The company also has prior experience in Mongolia, having served as the contractor for the country’s first large-scale battery energy storage project. This project will be financed through a loan from the Asian Development Bank and a grant from the Climate Investment Funds, with 40 percent of the total financing provided through the grant component via the ADB, underscoring its significance. The Ministry of Energy and the Project Implementation Unit will oversee the project, and the plant is scheduled to be commissioned within 300 days.

This marks the fifth energy source being developed by the Ministry of Energy in the western region under the renewable energy expansion project. The Myangad solar power plant is expected to generate 39.3 million kWh of electricity annually, reduce imports by approximately 17 percent, and save around USD 2.0 million each year. It will also cut greenhouse gas emissions by 34,600 tonnes annually. During the construction phase, more than 150 temporary jobs will be created, with 14 permanent positions to be established upon completion.

Economic Growth Remains Strong as Foreign Investment Declines www.montsame.mn

Mongolia’s economy grew by 6.8 percent last year, with nominal GDP reaching MNT 89.9 trillion, reflecting a positive performance. However, the volume of foreign direct investment (FDI) has declined.

Specifically, FDI amounted to USD 1.36 billion in the first half of 2025, marking a decrease of 39 percent, or USD 870 million, compared to the same period in 2024. This decline was influenced not only by global economic conditions but also by an unstable legal environment and reduced investment in the mining sector.

According to international statistical reports, total FDI stood at approximately USD 2.8 billion last year. The majority of this investment was directed toward mining, energy, construction, transport and logistics, oil refining, and industrial projects.

As part of efforts to improve the investment climate, the Government is implementing the “300-Day Plan to Deliver Economic Growth to Citizens,” aimed at enhancing the business environment, supporting the private sector, and ensuring sustainable economic growth in a phased manner. This was highlighted by Deputy Minister of Economy and Development Davaasuren Sodnomdarjaa during the opening of the “Mega Project Presentation and Open Day,” the Ministry reported.

First Deputy Governor of the Capital City in charge of economic development and infrastructure, Davaadalai Tumendalai, emphasized that strengthening public-private partnerships would help advance major economic projects and improve the investment climate. Currently, projects such as “Agro City,” “Hunnu City,” and the “Naluu Ukhaa” economic free zone are being implemented in Ulaanbaatar. These initiatives are expected to support economic growth, advance new urban development policies, create jobs, and attract investment.

The event was organized at the Investor Protection Center under the Ministry of Economy and Development as part of “Ulaanbaatar–Investment Week,” held under the auspices of the Ulaanbaatar Chamber of Commerce. Participants exchanged views on project implementation, the investment environment, and opportunities to expand public-private partnerships. During the event, the Ulaanbaatar Chamber of Commerce and Hunnu City Development Corporation LLC signed a memorandum of understanding to enhance cooperation between the public and private sectors.

Hilton Enters Mongolia with the Signing of Conrad Ulaanbaatar, Marking a New Chapter for Luxury Hospitality in the Capital www.marketscreener.com

Hilton (NYSE: HLT) today announced the signing of Conrad Ulaanbaatar, marking its entry into Mongolia and introducing a new expression of modern luxury to the nation's dynamic capital. Owned by Eco Construction LLC and managed by Hilton, the 227-room hotel will rise within the Ulaanbaatar Eco Tower, a landmark mixed-use complex that brings together commercial, entertainment, hospitality and upscale lifestyle offerings in the capital city.

Entering Mongolia with Conrad Hotels & Resorts marks a significant milestone in Hilton's continued growth in the region. We are proud to bring Hilton's signature, reliable and friendly hospitality to Mongolia as we expand thoughtfully into high-potential destinations. This signing reflects our commitment to partnering with owners to deliver meaningful, experience-led luxury for today's discerning traveller.

Qian Jin, president, Greater China & Mongolia, Hilton

Situated within the Ulaanbaatar Eco Tower in the heart of the city's central business district, Conrad Ulaanbaatar is scheduled to open in 2028. The luxury hotel will offer a prime location within walking distance of key cultural and commercial landmarks such as Sukhbaatar Square, the National Art Gallery, and the National Academic Drama Theatre. As Ulaanbaatar continues to evolve as a gateway between tradition and modernity, Conrad Ulaanbaatar is poised to become a defining address for global travelers and local tastemakers alike.

This signing marks an important milestone for both Eco Construction and Hilton. Mongolia is globally recognized for its powerful blend of adventure, nature, culture, and spirituality, qualities that continue to inspire travelers seeking immersive and deeply meaningful experiences. With Hilton's global expertise and our shared vision, Conrad Ulaanbaatar will create distinctive, unique experiences that resonate with discerning guests from around the world and contribute to elevating the city's international appeal.

Nyamdavaa Samdan, President of Eco Construction LLC

The property will feature four distinct dining venues, nearly 1,800 square meters of meeting and event space, and comprehensive wellness facilities including an indoor pool and spa, offering a refined luxury experience designed to serve both business and global explorers.

This landmark signing to bring Conrad Hotels & Resorts to Ulaanbaatar meets the city's evolution as a gateway between tradition and modernity. Conrad's bold design approach and intuitive service will bring a contemporary expression of luxury that resonates with globally minded travelers while celebrating the character and culture of the destination.

Candice D'Cruz, vice president, Luxury Brands, Asia Pacific, Hilton

Conrad Ulaanbaatar joins almost 100 trading and pipeline Conrad Hotels & Resorts properties across five continents in iconic destinations, 16 of which are located in Greater China, including in Shanghai, Beijing, Shenyang, Hangzhou, Shenzhen, and Hong Kong SAR. Conrad hotel openings this year include Saudi Arabia, Malaysia and Greece.

Conrad Hotels & Resorts hotels create a seamless connection between bold design, impactful experiences and curated contemporary art, inspiring the conscientious traveler to explore through intuitive service and experiences that authentically connect them with each destination. The signing reflects Hilton's continued confidence in emerging cultural capitals where modern design, global connectivity, and local identity intersect.

Conrad hotels participate in Hilton Honors, the award-winning guest-loyalty program for Hilton's 26 distinct hotel brands. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, exclusive member discounts, free standard Wi-Fi and the Hilton Honors mobile app.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 24 world-class brands comprising more than 7,600 properties and nearly 1.2 million rooms, in 126 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 3 billion guests in its more than 100-year history, was named the No. 1 World's Best Workplace by Great Place to Work and Fortune and has been recognized as a global leader on the Dow Jones Sustainability Indices for seven consecutive years. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the nearly 190 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Mongolia’s Democratic Party group to not attend parliamentary sessions until speaker N. Uchral resigns www.asianews.network

O.Tsogtgerel, Chairman of the Democratic Party group said at a press conference that its members will not attend sessions of the Parliament until N.Uchral, Speaker of the Parliament, resigns. He said the decision, intended not to block the parliament’s work but to press for leadership change, followed a series of concerns about alleged corruption and the speaker’s conduct.

However, a system of corruption has been established. The previous party leader spoke about very serious issues on television. If something like this happened in the Republic of Korea, protests would have already begun. The decision to imprison a journalist was decided by a group of politicians. The Minister of Justice reported on corruption. Such a corrupt party leader should not chair the parliament.

The group also raised fiscal concerns, saying the Parliament’s budget has grown from about MNT 30 billion to more than MNT 100 billion and questioned how those funds are being managed. He warned that unless the speaker steps down, the party will continue its refusal to attend sittings while emphasising that the move is meant to protect parliamentary integrity rather than paralyse the institution.

Kh.Temuujin, Member of Parliament, noted precedent when party and parliamentary roles were adjusted during a previous internal contest, citing the example of former speaker D.Amarbayasgalan’s decision to step back while seeking party leadership. Kh.Temuujin said parliamentary practice has allowed temporary arrangements in the past and called for dialogue to resolve the current dispute.

The Democratic Party also referenced recent court rulings, including a three-instance court decision concerning N.Altankhuyag, and said the party respects judicial outcomes even where they raise questions about earlier panel decisions. O.Tsogtgerel added that the party will continue internal preparations ahead of presidential candidate announcements planned for May, 2027.

Democratic Party group not to attend parliamentary sessions until speaker N.Uchral resigns www.gogo.mn

O.Tsogtgerel, Chairman of the Democratic Party group said at a press conference that its members will not attend sessions of the Parliament until N.Uchral, Speaker of the Parliament, resigns. He said the decision, intended not to block the parliament’s work but to press for leadership change, followed a series of concerns about alleged corruption and the speaker’s conduct.

However, a system of corruption has been established. The previous party leader spoke about very serious issues on television. If something like this happened in the Republic of Korea, protests would have already begun. The decision to imprison a journalist was decided by a group of politicians. The Minister of Justice reported on corruption. Such a corrupt party leader should not chair the parliament.

The group also raised fiscal concerns, saying the Parliament’s budget has grown from about MNT 30 billion to more than MNT 100 billion and questioned how those funds are being managed. He warned that unless the speaker steps down, the party will continue its refusal to attend sittings while emphasising that the move is meant to protect parliamentary integrity rather than paralyse the institution.

Kh.Temuujin, Member of Parliament, noted precedent when party and parliamentary roles were adjusted during a previous internal contest, citing the example of former speaker D.Amarbayasgalan’s decision to step back while seeking party leadership. Kh.Temuujin said parliamentary practice has allowed temporary arrangements in the past and called for dialogue to resolve the current dispute.

The Democratic Party also referenced recent court rulings, including a three-instance court decision concerning N.Altankhuyag, and said the party respects judicial outcomes even where they raise questions about earlier panel decisions. O.Tsogtgerel added that the party will continue internal preparations ahead of presidential candidate announcements planned for May, 2027. 

TMK Energy Hits Record Gas Flow at Mongolian CSG Pilot www.tipranks.com

TMK Energy has reported another record at its Gurvantes XXXV coal seam gas project in Mongolia, with daily gas output surpassing 1,000 cubic metres, or more than 35,000 standard cubic feet per day. The LF-07 well is providing about 70% of this volume, confirming that gas is actively desorbing from the coal seams at that location.

Overall gas production from the pilot well project is now roughly double the level recorded in early February 2026, underscoring how quickly rates can accelerate once critical desorption pressure is reached. Management says LF-07’s outperformance and the emerging “hockey stick” growth profile across the field mark a key inflection point and bring the project’s commercial potential significantly closer, with other wells expected to follow a similar ramp-up as they reach the same pressure conditions.
The most recent analyst rating on TMK +11.54% ▲ stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on TMK Energy Limited stock, see the AU:TMK Stock Forecast page.

More about TMK Energy Limited

TMK Energy Limited is an ASX-listed energy company focused on coal seam gas development, with its flagship asset being the 100%-owned Gurvantes XXXV CSG Project in Mongolia. The company is working to prove the commerciality of this project through a pilot well program aimed at achieving sustained, scalable gas production for future market supply.

Mongolia will purchase 100% of petroleum products from Russia — stated the Deputy Minister www.open.kg

The Deputy Minister noted that due to the ban on the export of petroleum products from China, Mongolia will not be able to receive fuel from this country and will thus be completely dependent on Russia. TASS reports that he stated this at a briefing.

“This year we will not be able to import petroleum products from China, as it has just banned their export. Therefore, imports from Russia will cover 100% of Mongolia's fuel needs. We have stabilized the price of AI-92 gasoline, and the supply contract is valid until December 31, 2026,” he said.

Enkhthuvshin also pointed out that Mongolia, which traditionally imports 97% of its petroleum products from Russia, needs stable supplies, especially in light of current global oil prices. The issue of ensuring stable supplies will be discussed during the upcoming visit of Russian President Vladimir Putin to Ulaanbaatar in 2024.

In addition, the Deputy Minister emphasized that Russia is ready to support Mongolia in fuel supply matters and added that Russia “has long and reliably provided the Mongolian economy with essential energy resources.” The agreement between the countries stipulates annual supplies of 1.8-1.9 million tons of petroleum products and 60,000 tons of aviation fuel on mutually beneficial terms.

Tax Reform Package to Reduce Tax Burden by MNT 2.7 Trillion www.montsame.mn

The tax reform package will gradually reduce the tax burden by a total of MNT 2.7 trillion.

Of this amount, the tax burden on citizens will be reduced by MNT 2 trillion, while the burden on business entities will decrease by MNT 700 billion, according to information provided by the Ministry of Finance and the General Department of Taxation during a meeting on the tax reform package.

Under the revised draft law, the corporate income tax brackets will be adjusted, imposing a 15 percent tax on annual income between MNT 6 billion and MNT 10 billion, and a 25 percent tax on income exceeding MNT 10 billion. The simplified tax threshold for micro and small businesses will be raised to MNT 400 million, allowing them to pay a 1 percent tax.

In addition, the threshold for small and medium-sized enterprises to receive a 90 percent tax refund will be set at MNT 2.5 billion. For companies with outstanding debts, 20 percent of future incoming revenue in bank accounts will remain unseized. Businesses will also be allowed to defer VAT payments at customs for up to two months, and the deadline for correcting tax reports will be extended by one to two years.

For citizens, VAT paid on purchases of up to MNT 500,000 per month will be refunded in full, 50 percent for purchases between MNT 500,000 and MNT 1 million, and 20 percent for purchases exceeding MNT 1 million. Additionally, 100 percent tax relief will be provided on the monthly income of up to MNT 500,000 for all employed citizens.

The reform will also grant tax deductions of up to MNT 15 million to citizens who purchase their first home in rural areas or buy energy-efficient housing.

EU–Mongolia Cooperation on Green, Sustainable Investment Strengthens www.montsame.mn

Deputy Prime Minister Dorjkhand Togmid participated in the Mongolia–European Union Investors Roundtable held in Brussels, where he met with European policymakers, financial institutions, and investors to discuss supporting Mongolia’s energy transition and expanding opportunities for European investment in the country. The event was organized within the framework of the European Union’s Global Gateway initiative.

During the meeting, the Mongolian side highlighted the country’s vast potential in renewable energy and expressed its interest in working closely with international partners to implement energy sector reforms, one of the government's priority objectives. The participants also exchanged views on expanding cooperation in renewable energy, infrastructure, and sustainable financing, as well as on implementing concrete investment projects.

Deputy Prime Minister Dorjkhand noted that during the first Mongolia–European Union Investment and Business Forum held in Ulaanbaatar last year, the European Investment Bank signed a Memorandum of Understanding with the Government of Mongolia to provide financing of up to EUR 1 billion to support the country’s green transition. Within this framework, the sides have been cooperating to attract European companies to participate in renewable energy and modern energy infrastructure projects.

On the sidelines of the event, Deputy Prime Minister Dorjkhand also held meetings with Peter De Roover, Speaker of the Chamber of Representatives of the Belgian Federal Parliament, and Jozef Síkela, European Commissioner for International Partnerships of the European Commission. The parties exchanged views on expanding cooperation between Mongolia and the European Union, as well as between Mongolia and Belgium, particularly in trade and investment, renewable energy, rare earth elements, tourism, and digital infrastructure.

The sides also discussed opportunities to cooperate with European partners in strengthening Mongolia’s energy security, including through the introduction of advanced solutions such as battery energy storage technologies.

Oyu Tolgoi Management Fee Reduction Talks to Be Finalized in March www.montsame.mn

The Ministry of Industry and Mineral Resources announced that negotiations to reduce the management fee of the Oyu Tolgoi Project are expected to be finalized within March.

A working group tasked with lowering the management fee of the Oyu Tolgoi project, established under Resolution No. 68 of the Prime Minister of Mongolia, held a meeting with representatives of the investor, Rio Tinto, on March 12, 2026. During the meeting, both sides continued discussions on proposals previously exchanged through official channels.

The investor side presented a revised proposal to the Mongolian side; however, it did not meet Mongolia’s requirements. The parties therefore agreed that the investor would further improve its proposal and present new calculations aimed at meeting the Mongolian side’s demands in the near future.

The two sides agreed to conclude the negotiations within this month.