EBRD SUPPORTS MONGOLIAN OIL EXPLORATION.

The European Bank for Reconstruction and Development (EBRD) has invested six million US dollars (around 4.2 million) in Petro Matad, a major Mongolian oil exploration and production company. The EBRD will obtain around 17 per cent of Petro Matad's newly issued shares and will gain a seat on the company's board. Majority owned by Petrovis, the largest Mongolian oil products distributor, Petro Matad has production sharing contracts with the Mongolian government. This entitles the company to operate on three petroleum blocks, including the company's...