US Government Invites Rand Group to Assist Mongolia Delegation
(HOUSTON, TEXAS) – Rand Group met with Ministry of Mining officials from Mongolia Friday to discuss the application of modern business technologies as part of a five-day workshop put on for the resource-rich country by the US Department of Commerce’s Commercial Law Development Program (CLDP).
Rand Group executives outlined how the integration of technology into its business practices would have a measureable impact on the financial and economic success of the country’s growing oil and gas industry, particularly as it relates to its land-based crude oil fields.
“We are very honored to have met with the Mongolian officials, and that the CLDP – through the Houston U.S. Export Assistance Center – thought to include us as part of this important delegation,” said Ron Rand, President and CEO of Rand Group. “This was a unique opportunity for us to share our knowledge and expertise with officials from one of the world’s emerging economies.”
Joining the Mongolian delegation was Ariunchimeg Bandi, financial management specialist from the World Bank’s Mining Infrastructure Investment Support Project.
The delegation spent two days in Denver, Colorado gaining insights into valuation of oil and gas, financial management, and other fiscal and government regulatory matters before arriving in Houston and meeting with Rand Group executives at the company’s Bellaire office.
According to the World Bank, Mongolia had a GDP of $12-billion in 2014 and experienced 7.8% growth that same year, with poverty rates continually declining thanks in part to the exploration of its mineral resources. The country has the largest reserve of copper in the world, and extensive oil and gas fields.
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