Mongolian oil company refutes reports of withdrawal from North Korea

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Mongolian oil company refutes reports of withdrawal from North Korea

Hamish Macdonald March 25, 2016

oil by octal on 2006-12-24 09:53:43

A Mongolian oil company has publicly denied a recent report by South Korean media outlet the JoongAng Ilbo that it is withdrawing from its business operations in North Korea, in a statement issued on Friday.

The JoongAng Ilbo, citing an unnamed South Korean government source, reported on Wednesday that the Ulaanbaatar based HB Oil JSC had decided to withdraw from North Korea due to "growing pressure from the international community" following Pyongyang's 2016 nuclear test and satellite launch.

About the Author

Hamish Macdonald

Hamish Macdonald is an Associate Fellow at RUSI who formerly worked on Project SANDSTONE and formerly a journalist and researcher who has focused uniquely on North Korea related topics and affairs. He was previously the COO of the Korea Risk Group, which produces the NK News and NK Pro. Specialising in this area, his investigations covered topics including North Korean sanctions evasion activities, domestic economic development and human rights.

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