'HBOil' company listed in the Board II on the Mongolian Stock Exchange plans to sell 1400 tons of mazut in 2018. The company sold about 630 tons of mazut worth MNT 561.5 million in 2017. In 2013, 'HBOil' JSC bought Malaysian oil producer 'Ninox Hydrocarbons Berhad'. Malaysia-based Ninox Hydrocarbon Berhad is a 20 percent shareholder of a'Korea Oil Exploration Corporation' (KOEC), the national oil company of North Korea. On 12 January 2017, the Office of Foreign Assets Control of the Department of the Treasury of the United States of America has designated Korea Oil Exploration Corporation, as a sanctioned entity. As a result, 'HBOil' JSC lost MNT 4.7 billion as the company could not continue its projects in Korea.  

Share price of 'HBOil' JSC fell 45.4 percent year on year and reached MNT 66. As a result, market capitalization of the company decreased to MNT 3.4 billion.

Source: BloombergTv.mn