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.