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Mongolia Energy Corporation Ltd

Type: Company

Name: Mongolia Energy Corporation Ltd

Quotes

...Mining Minister Davaajav Gankhuyag, a well known supporter of resource nationalism, was reported in March as commenting, "In order to get rid of petroleum supply from one route [Russia], we are negotiating with third parties that brings some positive results."

Sino-Mongolian oil deal undercuts Russian role [Published SZEenergy.biz - May 16 2013]

...Mining Minister Davaajav Gankhuyag, a well known supporter of resource nationalism, has commented "In order to get rid of petroleum supply from one route (Russia), we are negotiating with third parties that brings some positive results (InfoMongolia, March 21). This is not, however, a new Mongolian oil strategy. Back in 2009, Dashzeveg Amarsaikhan, then-Chairman of the Petroleum Authority, stated We shall have more leverage once we manage to diversify our sources and reduce captive dependence on one supply source. The Government is clear about this and has been working to achieve that objective. Things will get better once we extract enough oil at home and also have a refinery here (en.mongolianminingjournal.com, October 8, 2009). Mongols have claimed for years that the Russian supply has been interrupted for political reasons, such as in May 2011, and that these products are increasingly expensive and fail to meet soaring consumer and industrial demand. Although Mongolia is sensitive to Chinese activity in the mineral sector, it is willing to let China become a significantly larger supplier of oil products, at least in the short term, to break the back of its dependency on more expensive Russian petroleum products. This temporary strategy may work in Chinas favor to ease the bilateral tension generated by Mongolias increasing concern over the large volume of Chinese investment in its minerals. While certainly a more positive development from Chinas point of view, Mongols are clear that they see the future of their petroleum supply in creating their own refinery infrastructure."

New Sino-Mongolian Oil Deal Undercuts Russias Old Role [Published Jamestown Foundation - May 10 2013]