As the minister noted, the construction of new reservoirs is planned for next year. "We intend to increase fuel reserves in the country. To this end, the COVID-19 Law will be reinstated, and we will utilize public-private partnerships to fill the storage facilities with available resources. Mongolia produces 560,000 tons of crude oil annually and imports about 220,000 tons of petroleum products per month. At the same time, with the increase in mineral extraction, fuel consumption is rising by 20 percent. To avoid a possible fuel shortage, the Ministry of Industry and Mineral Resources, together with the Ministry of Finance and the Ministry of Economy and Development, will soon finalize the development of a preferential lending mechanism. We aim to achieve the goal set by the government — to create reserves that can meet national needs for three to six months," added Gongor.
The estimated cost of the reservoirs needed to store a month's fuel supply is ₮500 billion. In turn, the government plans to provide preferential loans amounting to ₮50 billion to support importing companies in order to increase fuel reserves.
