Tashkent, Uzbekistan (UzDaily.com) -- Within the framework of the international economic forum "Uzbekistan: results and prospects of economic reforms" held in Tashkent at the "Congress Hall" palace, the Chairman of the Board of Uzbekneftegaz Mehriddin Abdullayev held negotiations with the responsible leaders of the audit consulting company Ernst & Young.

At a meeting with Ruta Makarevichute, Head of Business Consulting and General Practice at Ernst & Young (headquartered in London), and Anvar Azamov, Head of Practice, the completion of the audit of the Company’s financial statements for 2020 based on international financial reporting standards was discussed and a positive conclusion by September 30, 2021.

The Chairman of the Board of Uzbekneftegaz noted that in order to obtain an international corporate credit rating in the company and accelerate the attraction of foreign investment, an action plan was developed for the implementation of international financial reporting standards (IFRS), in accordance with which work continues.

In turn, Ruta Makarevichute also expressed confidence in the project to increase the operational efficiency and reliability of production processes at Uzbekneftegaz.

In particular, the parties noted the achievement of positive results in the direction of "Operational efficiency" and "New approaches to maintenance and repair", and also exchanged views on improving operational efficiency, managing reliability, as well as reducing the number of emergency, unplanned failures.

During the negotiations, the recommendations, proposals and issues of making changes to the stages of the project, presented by the specialists of Ernst & Young, were discussed, and an agreement was reached on further strengthening and joint work in the coming years.

Through the audit report, Uzbekneftegaz, jointly with international rating agencies, financial and legal consultants, plans to introduce into practice the requirements established on the basis of international practice for obtaining a corporate credit rating, sales, return on assets, the level of turnover of assets and liabilities and other indicators.

It should be noted that the International Auditing Company Ernst & Young gave a positive opinion on the consolidated financial statements prepared on the basis of IFRS for 2019.