During its regular session on June 6, Cabinet approved a state policy on developing the oil sector through 2027.
According to officials, approval of the policy will increase the sector's human resources capacity and help to bring down the number of foreign workers required.
With soft-loan financing of 1 billion USD from the Government of India, Mongolia plans to build an oil refinery, which will require a stronger local workforce. Analysts believe the policy will positively impact inbound investment.
The Ministry of Mining and Heavy Industry reported that 333 million tons of guaranteed oil reserves have been discovered in three targets, with Mongolia ranking 33rd in the world for its oil reserves. Currently, Mongolia exports an average of 2,803 tons of oil per day.
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