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Nationwide fuel reserves stand at 33 days of average consumption www.zgm.mn
Ministry of Mining and Heavy Industry held its monthly press conference “Transparent and Responsible Mining” yesterday. The ministry reported that the oil products import grew by USD 224.8 million year over year (yoy) in September. In the first nine months of this year, gross industrial production reached MNT 11.2 trillion, a 18.8 percent growth yoy. The growth was driven by 16.9 percent increase of mining sector production, which totalled MNT 8.1 trillion in the same period and accounts for 72.1 percent of gross industrial production. As of October 22, 2018, an total of 3,163 valid mineral exploration and mining licenses are registered throughout the country. Ownership change of mining licenses in September and October of 2018:
License grants-10
License transfer -9
License collateralization -1
Retraction of license areas-6
Expired licenses-55
Minerals import totalled USD 976 million, which is 32.9 percent or USD 238.4 million higher than the same period of last year. Oil products formed 83.5 percent of minerals import, rising USD 224.8 million yoy. The ministry plans to collect MNT 223.4 billion by producing a total of 8.1 million barrels (1.1 million tons) of oil this year. As of October 19, the plan is 63.19 percent complete as oil production stood at 5.12 million barrels (694,000 tons). Furthermore, 4.83 million barrels of oil have been exported with a completion rate of 59.57 percent, forming MNT 176.46 billion to the State Budget. As of October 16, the nationwide fuel reserves could cover 33-days of average national consumption.
Published Date:2018-10-26
