Page | 41In recent years Mongolia has been producing a small but steadily increasing amount of
crude oil, all of which is exported to China.215,216,^217 Estimates on the total amount of
Mongolian oil reserves vary widely, but government officials announced in 2010 that
they hoped to increase crude oil production by a tenfold with the help of foreign
investors. Presently, Mongolia has no domestic refinery, and thus all of its processed oil
products come from Russia.^218
Mongolia is believed to possess some of the world’s largest reserves of uranium, but no
uranium mines are presently operating. (A Russian firm did operate a uranium mine in
eastern Mongolia between 1988 and 1995.)
(^219) Governmental and corporate entities from
Russia, France, India, and Japan have all signed agreements since 2009 pledging to help
develop Mongolia’s uranium resources.^220
(^215) The Business Council of Mongolia, “Mongolia Seeks Foreign Investment to Boost Crude Oil Output,”
Upstreamonline.com, 17 June 2010,
http://www.bcmongolia.org/news/503-mongolia-seeks-foreign-
investment-to-boost-crude-oil-output
(^216) International Trade Centre, “Trade Performance HS: Exports and Imports of Mongolia–27 Mineral
Fuels, Oils, Distillation Products, etc (2009, in USD Thousands),” 2011,
http://www.intracen.org/appli1/TradeCom/TP_TP_CI_HS4.aspx?IN=27&RP=496&YR=2009&IL=27
Mineral fuels, oils, distillation products, etc&TY=T
(^217) International Trade Centre, “Trade Performance HS: Exports and Imports of Mongolia–27 Mineral
Fuels, Oils, Distillation Products, etc (2005, in USD Thousands),” 2011,
http://www.intracen.org/appli1/TradeCom/TP_TP_CI_HS4.aspx?IN=27&RP=496&YR=2006&IL=27
Mineral fuels, oils, distillation products, etc&TY=T
(^218) The Business Council of Mongolia, “Mongolia Seeks Foreign Investment to Boost Crude Oil Output,”
Upstreamonline.com, 17 June 2010, http://www.bcmongolia.org/news/503-mongolia-seeks-foreign-
investment-to-boost-crude-oil-output
(^219) World Nuclear Association, “Uranium in Mongolia,” 2011, http://www.world-nuclear.org/info/inf125-
mongolia.html
(^220) Wise Uranium Mining Projects, “New Uranium Mining Projects–Mongolia,” 10 January 2011,
http://www.wise-uranium.org/upmn.html