BAKU, Azerbaijan, November 2. Uzbekistan’s
state-owned oil and gas company Uzbekneftegaz and global consulting
firm McKinsey & Company have discussed developing a long-term
corporate strategy to set the company’s future priorities and
support sustainable growth at a meeting on Monday, November 2.
According to Uzbekneftegaz, the discussions took place during a
meeting between Sukhrob Khamroyev, First Deputy Chairman of
Uzbekneftegaz’s Management Board, and Bob Sternfels, McKinsey’s
Global Managing Partner.
The parties exchanged views on the ongoing development of
Uzbekneftegaz’s long-term strategy, identifying key priorities for
its future development and drawing on international industry
experience.
Particular attention was paid to defining the company’s
strategic objectives amid global changes in the oil and gas
industry, making more efficient use of its existing resources and
identifying the factors needed to ensure sustainable long-term
growth.
In addition, the discussions addressed the importance of
aligning the company's development priorities with broader changes
in the global energy sector and evolving industry conditions.
McKinsey & Company, founded in 1926, is a global management
consulting firm providing strategic and operational advice to
businesses and public-sector organizations. Its energy practice
works with oil and gas companies on corporate strategy, operational
efficiency, digital transformation and long-term growth
planning.
Uzbekistan’s oil and gas sector remains a strategically
important part of the national economy, playing a key role in
ensuring domestic energy supply, supporting industrial production
and generating revenue. Natural gas is particularly important for
electricity generation, heating and the petrochemical industry,
while the sector also provides raw materials for fertilizer,
chemical and other manufacturing industries. Amid declining output
from some mature fields and growing domestic energy demand,
Uzbekistan is seeking to modernize production facilities, improve
extraction efficiency, attract foreign investment and expand the
development of new hydrocarbon resources.
