• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 14 hours US top CEO's are spending their own money on the midterm elections
  • 1 hour Satellite Moons to Replace Streetlamps?!
  • 5 mins The Balkans Are Coming Apart at the Seams Again
  • 11 hours EU to Splash Billions on Battery Factories
  • 20 mins U.S. Shale Oil Debt: Deep the Denial
  • 16 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 8 mins The Dirt on Clean Electric Cars
  • 11 hours Uber IPO Proposals Value Company at $120 Billion
  • 14 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 22 hours Petrol versus EV
  • 17 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 18 hours 10 Incredible Facts about U.S. LNG
Canadian Oil Patch Grapples With Cannabis Legalization

Canadian Oil Patch Grapples With Cannabis Legalization

Canada has officially legalized recreational…

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.


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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