• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 47 mins Dutch Populists Shock the EU with Election Victory
  • 8 hours One Last Warning For The U.S. Shale Patch
  • 3 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 3 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 5 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 1 hour Read: OPEC THREATENED TO KILL US SHALE
  • 17 hours Climate change's fingerprints are on U.S. Midwest floods
  • 1 day Oil Slips Further From 2019 Highs On Trade Worries
  • 1 day The Political Debacle: Brexit delayed
  • 5 hours European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 1 day Telsa Sales in Europe
  • 14 hours Modular Nuclear Reactors
Israel And Egypt Compete To Become New Energy Hub

Israel And Egypt Compete To Become New Energy Hub

With the recent giant discoveries…

India Stops Taking In Venezuelan Oil

India Stops Taking In Venezuelan Oil

A senior U.S. government official…

Mongolia: The Resource Giant Ready to be Woken Up

Mongolia is a landlocked country in Eastern Asia, bordered by Russia to the north and China to the east, west and south. It is roughly the size of Alaska, but with a population of just 2.8 million people it is the most sparsely populated country in the world. Traditionally a communist state, it converted to democracy in the early 1990’s and has since experienced a vast transformation.

The transition to a free market economy opened the country to foreign investors, attracting many major oil and mining companies who were desperate to harvest the geological riches of the untouched land. The foreign investment into mining and quarrying, along with the resources exported out of the country have enabled its economy to boom.

According to the National Statistics Office of Mongolia (NSO), after 2009 when the world was hit by a financial crisis, the Mongolian GDP recovered quickly to 6.4% growth in 2010, and then a year later to 17.3%, nearly double that of its neighbour China, the fastest growing major economy.

Mongolia currently ranks among the top 10 resource-rich nations in the world. Industrial production mainly consists of coal, copper, gold, molybdenum, fluorspar, uranium, tin, tungsten, and iron ore.
The NSO has noted that increased mining and quarrying of crude oil, coal and iron ore is helping the economy to experience such strong growth.

Click here to read the full article.



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News