Mongolia Has Significant Oil Shale Resources

According to research report from Mongolia’s mining ministry, the country has over 700bn tonnes of oil shale resources, reports Business News Europe website.

Mongolia has more than 60 oil shale deposits, in several parts of the country including the Tov, Ovorkhangai, Dundgobi and Omnogobi districts, the website quotes from a state news agency Montsame report.

Ulaanbaatar has already taken some initial steps towards developing the country's reserves, signing a five-year exploration agreement with US-based Genie Energy earlier this year, the website further reports. 

As demand for energy grows in the country, the government is looking to develop alternate sources.

Currently the country imports around 90% of its oil and oil products from Russia, with the remainder coming from China.

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