Ulaanbaatar
Government Plans to Expand Fuel Reserve
Economy
Ulaanbaatar, November 4, 2025 /MONTSAME/. Mongolia currently has fuel storage facilities with a total capacity of 440,000 tons, equivalent to about one month’s national consumption, according to the Minister of Industry and Mineral Resources. Under the government’s action plan, new fuel storage facilities will be established to enable the country to store petroleum products for three to six months.
Minister of Industry and
Mineral Resources Damdinnyam Gongor stated that additional
storage tanks are planned for next year.
“We plan to expand the
country’s fuel reserve capacity next year. To do so, we will reintroduce the
COVID-19 law and, through public-private cooperation, fill storage tanks using
low-cost financing. Mongolia produces and exports 560,000
tons of crude oil annually and imports around 220,000 tons of petroleum products per month.
With the growth of the mining sector, fuel consumption has been increasing by
around 20 percent. To prevent possible fuel
shortages, the Ministry of Industry and Mineral Resources, the Ministry of
Finance, and the Ministry of Economy and Development will soon finalize a
concessional loan mechanism. We are working toward achieving the government’s
goal of building reserves sufficient for three to six months of national
demand,” the minister said.
The cost of storage tanks for a one-month reserve is
currently estimated at MNT 500
billion. The government plans to provide MNT 50 billion in concessional loans to
support enterprises in expanding fuel reserve capacity.
