The Mineral Wealth Council of Mongolia has approved the estimated reserve of 199.2 million tons of oil in the Toson Uul – XIX oil field in Tamsag basin of Dornod aimag. According to D.Amarsaikhan, Head of the Oil Authority of Mongolia, this takes the proven reserve of oil in Mongolia to 1.6 billion tons, making it the 33rd largest country in the world in terms of oil deposits. More than 10 proposals have already been received to build an oil refinery in Dornod province with production capacity of 150,000-200,000 tons. Total investment in the oil sector has crossed USD1.1 billion.