Archive for ‘Companies’

Eurasia Capital Bullish on Japanese Investments in Mongolia

By , 22 November, 2010, No Comment

Below is a text from a newsletter I recently received from Eurasia Capital.  It is true that Japanese have been one of the most active early investors in Mongolia.  While investments from China today make up for around 80% of foreign direct investment (FDI) in Mongolia (according to some resources), Japan is still a significant presence here in Mongolia.  Enjoy reading.

Eurasia Capital: Japan and Mongolia: “Rising Sun” Looks for “Bluer Sky”

Towards strategic partnership. Japan, Mongolia’s fourth largest trading partner, is seen by the Mongolian Government as an important player for the development of the resource-rich country. In order to reduce its reliance on its two neighboring superpowers, China and Russia, Mongolia is seeking a “strategic partnership” status with the world’s third largest economy. Japan has been supporting Mongolia since the early 1990’s by providing extensive financial and technical assistance worth over US$1.3bn and helping in key aspects of democracy and transition into a market economy. Currently, Japan is actively involved in assisting in developing rural areas, protecting the environment, improving infrastructure, supporting SMEs and developing institutional and human resources in Mongolia.

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Central Bank Confirms TDB in Good Shape, After Rumors Cause Concern

By , 22 March, 2010, 1 Comment

The Central Bank has said it sees no reason to worry about the health of Trade and Development Bank (TDB). The bank administration has also strongly denied there is any problem whatsoever. The reassurances were found necessary after the city had been abuzz with rumors about the bank, with customer confidence continuing to be low following what happened at Zoos and Anod banks.

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Khan Rebuts All Charges Based on “Inaccurate Information”

By , 22 March, 2010, No Comment

In an open letter to MP Z. Enkhbold, Khan Resources has clarified its point of view about certain conclusions and recommendations recently made by the working group led by him after its visit to Dornod uranium district last summer.

The company notes that the license it holds was not included in the list of licenses whose legality was sought to be investigated. Reiterating that the company has been fully cooperating with Government officials, Khan says it would be pleased to provide all relevant documents to the working group if asked to do so. Expressing confidence that Khan has fulfilled all its obligations towards Central Asia Uranium Corporation (CAUC), the company says it is difficult to understand why only it should be investigated when there are two other partners in the joint venture. “It is most unfortunate that inaccurate information has been delivered…through recent official and unofficial sources that suggests that only Khan may have been in breach of the law,” the letter says.

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Environmentalists Urge Mongolian State Authorities to Probe “Illegal” Activities of Petro-China

By , 12 March, 2010, 1 Comment

A coalition of environmental protection movements in the country has sent a report to the President, the Parliament Speaker, the Prime Minister, and the Ministers of Minerals and Energy, Finance, and Labor and Social Welfare detailing “illegal activities” by Petro-China Dachin Tamsag and demanded an inquiry into how the company has been allowed to violate Mongolian laws, pollute the environment, and harm local communities in several ways.

Petro-China has been working in three oil fields in Dornod aimag since 2005 on the basis of a product sharing agreement with the Government. Petro-China has refused to make available to the coalition a copy of the agreement, as also of its performance and monitoring reports, even though the NGOs have a constitutional right to the information.  Petro-China says these are “company secrets that cannot be disclosed to a third party”.

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