Mineral-rich Mongolia’s first oil refinery is under construction in the southeastern province of Dornogovi, with an expected date of commissioning in late 2022.

As of 15 December, Mongolia has extracted a total of 6.39 million barrels, or 867,100 tons, of crude oil so far this year. Nearly 90 percent of these were exported to China, earning MNT 210.2 billion.

The Mongolian Government plans to extract a total of 8.15 million barrels, or 1.1 million tons, of crude oil this year, which would contribute MNT 335.6 billion to the State Budget.