Daily Business News Mongolia

According to the resolution No 48 of the State Great Khural, the State minimum reserve of oil product is set at 120 thousand tons or for 2 months consumption in year 2008, 180 thousand tons or 3 months reserve in year 2009. But there is no stock to store the reserve and it is costly to store at the oil product importing companies stock. The oil product importing companies gave notice not available to provide the stock. 30.4 billion MNT is spent to build state reserve, but it is costly operation, therefore, it cannot guarantee the decrease of petroleum price.Therefore, the State Great Khural amended its resolution as the draft to be proposed to the State Great Khural as follow, “… to allocate another fund, with purpose of increasing the state reserve up to 20.6 thousand tons in year 2008 and purchasing reserve, transportation and maintenance of the stock, from the Mongolia Development Fund…”

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