Mongolia has agreed to an oil-exploration deal with China's largest energy producer, Mongolia's prime minister said Friday.
Mongolia
has
agreed to an oil-exploration deal with
China
's
largest energy producer,
Mongolia
's
prime minister said Friday.
Under the agreement, PetroChina Co. (PTR) will lead oil exploration in eastern
Mongolia
,
Prime Minister Norovyn Altankhuyag said in an interview with The Wall Street
Journal.
Mr. Altankhuyag said
Mongolia
hopes
to raise its exports of crude oil to
China
to
800,000 metric tons, or 5.86 million barrels, next year. This would represent
an increase of 38% compared with 2013, he said.
Mongolia
exported about 420,000 tons of crude to
China
in
the first nine months of this year, up 43.4% from the same period a year
earlier, according to Chinese customs data.
The country also wants to export 2 billion tons of coal to
China
by 2020
and is working with
China
's
largest coal producer, Shenhua Group, on a border railway project.
d.
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