TASHKENT, Uzbekistan, December 13. Uzbekistan
has agreed to get long-term funding of up to $3 billion, with an
additional $5 billion potentially available, to bolster renewable
energy initiatives, Trend reports via Uzbekneftegaz.


The agreement was concluded between UNG Overseas, the
international trade and investment subsidiary of Uzbekneftegaz JSC,
and the US-based corporation Cargill.


The main objective of the partnership is to enhance the
country’s energy security, improve the resilience of resource
supply, and support sustainable development. Within the framework
of the projects, financing will be considered for areas such
as:


• ensuring stable energy supply for the population and
industry,


• reducing systemic risks and modernizing infrastructure,


• improving the efficiency of energy and water resource
management,


• maintaining environmental balance,







• boosting industrial competitiveness, and


• reinforcing Uzbekistan’s energy independence.


Under the agreement, UNG Overseas will coordinate strategic
engagement with international partners, while Cargill will offer
practical solutions based on its global expertise in structured
financing.


Meanwhile, in October 2025, Uzbekneftegaz JSC established a new
subsidiary in the United Arab Emirates—Orient Energy Limited, which
operates under the international brand UNG Overseas. The newly
established company is tasked with attracting funding from
international financial institutions and investors to implement
large-scale projects in the energy, infrastructure, and industrial
sectors.


Founded in 1992 and restructured into a national holding company
in 1998, Uzbekneftegas is a state-owned entity overseeing
Uzbekistan's oil and gas sector. Uzbekneftegaz heads a partnership
of Korea National Oil Corporation, China National Petroleum
Corporation, and Lukoil, engaged in the exploration and development
of gas condensate reserves in the Aral Sea. It, in conjunction with
the China National Petroleum Corporation, possesses and manages the
Uzbek segment of the Central Asia–China gas pipeline. Uzbekneftegaz
has a production sharing agreement with Gazprom for gas
exploration, joint ventures with Prista Oil for motor oil and
lubricant manufacture, and with Ariston Thermo for heating boiler
production.