Mongolia exported 6.1 million barrels of crude oil to China in 2018.

The Ministry of Mining and Heavy Industry noted that oil exports contributed MNT 223.4 billion (84.94 million U.S. dollars) to the state budget. During this period, Mongolia extracted 6.4 million barrels of crude oil.

Mongolia’s economy will accelerate this year and exceed international forecasts, according to experts of the Central Bank, because prices of natural resources including copper, gold and coal, which have a significant impact on Mongolia’s economy, will be relatively high.

The increase in foreign investment and the development of mega-projects will also have a positive impact on the Mongolian economy, the experts added.

Meanwhile, more than 97 percent of imported fuel was imported from Russia. Currently Mongolia is constructing its first oil refinery, with financial support from India, which, when operational will end the fuel oil dependency on its ‘northern neighbour’.