Mineral-rich Mongolia’s first oil refinery is under construction in the southeastern province of Dornogovi, with an expected commissioning date for late 2022.
At present, all the oil which is extracted, is exported to China. In the first half of 2020, Mongolia extracted 839.7 thousand barrels of oil and exported 740.2 thousand barrels.
This year, Mongolia is expected to produce and export 6.6 million barrels of crude oil in total. The planned state budget revenue for 2020 of MNT 335.6 billion from the oil exports is unlikely to be met. During the first five months of the year the target has only been met by 11.4 percent.