Crossroads Asia | Economy | East Asia
South Korea is now becoming a key guarantor of stability for Mongolian gas stations and aviation.
Mongolia just made a historic breakthrough by signing a deal to buy oil products from South Korea.
Successful negotiations between Mongolian Minister of Industry and Mineral Resources Damdinnyam Gongor and South Korea’s Ministry of Trade, Industry, and Energy have resulted in an unprecedented agreement that will completely change the rules of the game in the domestic fuel market.
For Ulaanbaatar, it’s a powerful strategic move toward energy independence. Currently, Russia supplies over 90 percent of Mongolia’s refined petroleum products, with the rest purchased from China.
