Mongolia Taps North Korea Oil Potential to Ease Russian Grip

A Mongolian company has tapped one of the world’s most closed markets by taking a stake in a North Korean oil refinery, to help Asia’s fastest growing economy ease its energy reliance on Russia and China.

HBOil JSC, an oil trading and refining company based in Ulaanbaatar, Mongolia, said it acquired 20 percent of the state-run entity operating North Korea’s Sungri refinery, according to an e-mailed statement yesterday. It intends to supply crude to Sungri, which won’t be fully operational for up to a year, and export the refined products to Mongolia.