The Mineral Wealth Council of Mongolia held meeting on “Toson Uul – XIX” oil field in Tamsag basin of Dornod aimag and approved its reserve.
“Upon this approval experimental oil production is converted into official and Mongolia has become oil producing country.” said Mr. D.Amarsaikhan, Head of the Oil Authority of Mongolia. “The proven reserve of the field is 199,2 million ton”, he said.
Now, total reserve of Mongolia reached 1,6 billion tons and Mongolia is the 33rd country with its reserve in the world. The reserve in Tamsag basin, explored by “Dachin Tamsag” company was evaluated by the auditing company. Mongolia is planned to build refinery, using US technology, in Dornod aimag with production capacity of 150-200 thousand tons.
Total investment in oil sector reached $1,1 billion and Mongolia received over 10 proposals of building oil refinery.