Mongolia exported a total of 4.34 million barrels of crude oil in the first 11 months of 2023, said the Ministry of Mining and Heavy Industry on Tuesday.

The figure is a two-fold increase compared with the same period last year, the ministry said in a statement.

Mining is the most important sector of Mongolia’s economy. The Asian country is rich in natural resources such as gold, iron, coal and copper.

However, the country does not have a refinery yet. The first oil refinery is under construction in the southeastern province of Dornogovi, and expected to be put into production in 2027.
Source: Xinhua