BAKU, Azerbaijan, October 16. Uzbekistan’s
state-owned oil and gas company Uzbekneftegaz has presented four
projects worth a combined $580 million to five international banks,
seeking to secure financing for refinery modernization and deeper
processing of gas-to-liquids (GTL) products, during a meeting in
London on October 15.
This was reflected in the statement by Uzbekneftegaz, following
a meeting between Sukhrоb Khamroev, first deputy chairman of
Uzbekneftegaz’s management board, and representatives of MUFG Bank,
Deutsche Bank, JPMorgan, Standard Chartered Bank and ICBC Standard
Bank.
The discussions covered the company’s recent corporate
developments, financial performance and production results, as well
as opportunities to finance planned projects.
For the 12 months ended June 30, 2026, Uzbekneftegaz’s revenue
rose 10% to $3 billion, while earnings before interest, taxes,
depreciation and amortization (EBITDA) reached $1.5 billion,
according to the company.
The company’s net debt-to-EBITDA ratio declined from 3.1 times
to 2.2 times, reflecting a reduction in its debt burden.
Additionally, the parties discussed efforts to optimize the
company’s debt portfolio. Uzbekneftegaz has already refinanced and
repaid loans ahead of schedule totaling $385 million and plans to
refinance an additional $1.1 billion. The company estimates that
these measures could generate $83 million in savings through lower
interest rates, reduced interest payments and cheaper
borrowing.
The company also briefed the banks on measures to stabilize
natural gas production under decisions adopted by Uzbekistan’s
president. Since the beginning of 2026, five new fields have been
discovered, and the company expects additions to reserves to exceed
annual production. Uzbekneftegaz has also established its own
drilling company.
By the end of the year, the company expects to complete drilling
120 wells, twice the number recorded in 2025.
To attract financing, Uzbekneftegaz presented four prospective
projects with a preliminary combined cost of about $580 million.
These include modernizing the Bukhara Oil Refinery to produce Euro
5-standard high-octane gasoline and three projects to deepen the
processing of products from the company’s gas-to-liquids (GTL)
plant.
The company plans to finance up to 85% of the projects’ total
cost through loans.
Bank representatives welcomed the company’s ongoing reforms and
transformation efforts, saying the measures were strengthening
confidence in Uzbekneftegaz among international financial
institutions.
The parties agreed to continue working together, including on
financing the proposed projects.
