OIL AUTHORITY AUTHORIZED TO ESTABLISH PSA

Ulaanbaatar /MONTSAME/ At its meeting on Monday, the cabinet authorized the Oil Authority to establish a product sharing agreement with the “Renova-ilch” LLC on the “Khar us II” area of oil exploration. The contract with the “Renova-ilch” LLC will provide opportunities for financing the exploration at the “Khar us II” area based on working experiences of investors and indicators of the company’s financial report.