OREANDA-NEWS. September 02, 2014. In Ulan Bator, capital city of Mongolia, witnessed by Chinese President Xi Jinping and Mongolian President Tsakhiagiin Elbegdorj, CNPC Vice President Liu Hongbin and Mongolian Petroleum Authority Chairman G Ulziiburen signed an MOU on strengthening cooperation in the petroleum sector between the two sides.

According to the MOU, CNPC will step up its efforts in exploring and developing oil resources in Mongolia, carrying out feasibility study on building crude transportation facilities for the Tamsag project, fulfilling social responsibilities in project execution, cultivating talents for Mongolia's oil industry, and implementing programs that are in favor of the local development, environmental protection and people's living standards. On the other hand, the Mongolian side promises to maintain consistency in petroleum policies and provide full support for the cooperation between the two sides.

CNPC made presence in Mongolia in 2005 for oil and gas exploration and development, and is the operator of the Tamsag project, the largest investment that China makes in the country.