Tashkent, Uzbekistan (UzDaily.com) - In order to ensure the implementation of the Decree of the President of the Republic of Uzbekistan Shavkat Mirziyoyev "On measures for the stable provision of the economy and the population with energy resources, financial recovery and improvement of the oil and gas industry management system", an independent external audit was conducted.

Ernst & Young, one of the four largest audit and consulting companies in the world, approved the report of Uzbekneftegaz for 2016-2017 on June 5, 2020, the report for 2018 on 24 November 2020 and the report for 2019 on January 31, 2021. These findings are published on the official website of the Society.

All consolidated financial statements for 2016-2019 on reports on transformation, obtaining an international credit rating, issuing Eurobonds and International Financial Reporting Standards (IFRS) was also submitted to international rating agencies.

Of course, one of the important factors for obtaining an independent international credit rating and issuing Eurobonds is the consolidated financial statements of Uzbekneftegaz for the last reporting period, that is, for 2020, prepared on the basis of IFRS.

In order to obtain a positive conclusion, the order of the Chairman of the Management Board of JSC "Uzbekneftegaz" Mehriddin Abdullayev No. 77 dated February 10, 2021 was adopted, on the basis of which JSC "Uzbekneftegaz" was recognized as a public liability company (a public liability company), and in September it successfully completed the processes consolidated financial statements prepared for 2020 based on IFRS.

The good news is that on 30 September, the day when Uzbekneftegaz for the first time in its history received a “BB” rating - with a “stable” forecast from Fitch Ratings, the international auditing company Ernst & Young also issued a positive audit opinion.

A number of expert opinions were also required to obtain this auditor’s report and ensure the transparency of the consolidated financial statements. In particular, in the case of 31 December 2020, the company’s underground hydrocarbon reserves were assessed by the world famous consulting company DeGoleyer & MacNaughton, the valuation company KPMG Tax & Advisory, and the fair value of the share in the authorized capital of Uztransgaz JSC was assessed by the valuation company KPMG Tax & Advisory and "Actuary Service" company.

Based on the auditor’s report of the consolidated financial statements of Uzbekneftegaz JSC for 2020 according to IFRS, Uzbekneftegaz JSC in cooperation with international rating agencies, financial and legal consultants received a corporate credit rating, issued Eurobonds on international stock exchanges, corporate governance in accordance with international standards , serves as an important basis for the implementation of other progressive systems.