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  Russia and Mongolia Finalize Nuclear Development Deal

UB Post

March 19, 2009

Mongolia and Russia signed a nuclear cooperation agreement between the Mongolian Nuclear Energy Department and the Russian state-run Rosatom Corporation at the Kremlin on March 17. According to the agreement, the document is designed to intensify the development of nuclear energy for peaceful purposes in both countries. The agreement would allow the parties to set up a joint venture for developing uranium deposits in Mongolia and Russia, as well as in the territories of third states.

Rosatom would also make plans for small and medium capacity nuclear power plants to be built in Mongolia. Reports state that Rosatom will participate in Mongolia’s uranium exploration and production projects through a joint venture with Mongolia’s newly-established state corporation MonAtom.

Estimates indicate that Mongolia has uranium reserves of over 100,000 metric tons in the eastern part of the country.
During a meeting between Mongolian officials and Russian Prime Minister Vladimir Putin, the Russian side agreed to give a US$300 million loan for Mongolian agricultural development, which will be issued by Rosselkhozbank (The Agricultural Bank of Russia).

“The loan will be used to buy Russian agricultural machinery, grain and fertilizers,” Putin said after the meeting.
 Mongolian Prime Minister Bayar said that he hopes to receive approximately half of the sum this year.

“It is important to ensure the sowing campaign,” he said.
The two countries also discussed the possibility of using the national currencies of two countries, the Russian ruble and the Mongolian togrog, as trade currencies. Trade between Mongolia and Russia in 2008 totaled US$1.3 billion, Putin said.

In the railroad sector, “We’ve agreed on the creation of a joint enterprise with Russian Railways and on the joint use of Mongolia’s natural resources to realize major investment projects,” Bayar added.

The two leaders also discussed closer political and military cooperation. Bayar said he was interested in forging closer ties between the Mongolian People’s Revolutionary Party and United Russia, which Putin heads.

The Ministry of Culture of Russia and the Ministry of Education, Culture and Science of Mongolia have also signed a program of cooperation in 2009–2011. Special attention was paid to cultural, educational and humanitarian relations, particularly, popularization of the Russian language in Mongolia and training of Mongolian specialists in Russia.
Prime Minister S.Bayar will pay visit to Moscow on the first leg of his European trip.


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