Department of Energy hosts a webinar for British investors
19/11/2020 09:10
Department of Energy hosts a webinar for British investors
19/11/2020 09:10
Tashkent, Uzbekistan (UzDaily.com) -- The Ministry of Energy of Uzbekistan, in cooperation with the Embassy of the Republic of Uzbekistan in the UK, organized an international webinar on current and future developments in the energy sector of Uzbekistan.
The webinar on the topic: "Dynamics of Change in Uzbekistan: Reforms and Investment Opportunities in the Energy Sector" was chaired by the international news organization bne IntelliNews. It was attended by those working in Uzbekistan, as well as potential investors, journalists, representatives of the largest banking and professional service firms in Great Britain and other countries.
The event reviewed the progress of reforms in the energy sector of Uzbekistan, aimed at building this industry on the basis of a modern, open and market economy. The participants got an idea of the main opportunities that open up to international companies and investors.
The opening remarks were delivered by the Ambassador of Uzbekistan to Great Britain Said Rustamov, who noted:
“Uzbekistan is committed to continuing its reforms despite the negative impact of the coronavirus pandemic. There is a clear understanding in our country that this is the only way to ensure the long-term economic and social development of Uzbekistan and provide opportunities for a good life for its 34 million strong, mostly young population.
Deputy Energy Minister Bekhzot Narmatov outlined the main ongoing reforms in the oil and gas sector and confirmed Uzbekistan's ambitions to introduce private utilities and manufacturing companies into this sector by privatizing existing state assets.
“Much is happening in Uzbekistan, especially in the economic sphere and, in particular, in the energy sector. The fuel and energy complex is the engine of economic growth. We are taking a number of steps to reform it, including in the oil and gas sector."
“In the near future, we will see the privatization of key industries and an increase in the number of private utilities and manufacturing companies. In fact, a lot will happen on the basis of our cooperation with international financial institutions and consultants. The goal is that we want to achieve in 5 years what has been done in other countries in 15 years."
During the webinar, B.Narmatov also noted the following:
Ongoing legal and regulatory reforms, including the creation of a unified hydrocarbon law, are planned for 2023. Likewise, progress on financial reforms, mainly in the area of tariffs for the transportation / distribution of natural gas, is slated for 2024. In line with international best practice, an independent natural gas regulator will be established in 2021. A Corporate Governance Code will also be introduced.
He also talked about future planned sector reforms, including digitalization, major human capital reforms and the introduction of green and energy efficient technologies.
Answering the question about the timing of the adoption of legislation related to the PSA (Production Sharing Agreement), the Deputy Minister confirmed that the draft amendments to the legislation have already been submitted to the Senate of the Oliy Majlis of the Republic of Uzbekistan and, subject to any further changes, is expected to be finalized in first quarter of 2021.
Bahrom Umarbekov, head of the Reform Implementation Department of the Ministry of Energy, informed the audience about the state of the energy sector in Uzbekistan and the ongoing reforms.
“This is a very significant time for Uzbekistan. We are making big strides in our reforms and in our PPP (Public Private Partnership) projects. We welcome investors who come and invest in the energy sector of Uzbekistan, take an active part in its development."
In the presentation of B. Umarbekov it was noted:
In the course of further reforming of National Electric Grids and Regional Electric Networks, the functions of buying and selling electricity will be removed from both entities - pricing will take place in the wholesale and retail markets.
The plans for the development of the wholesale electricity market and the retail electricity market will be implemented by 2023/24;
Four tenders are underway to select private investors for power generation projects, as well as direct negotiations with ACWA Power for the creation of a 1000 MW wind farm;
Feasibility studies and environmental studies for the proposed Uzbekistan nuclear power plant are ongoing and further upgrades will follow after completion.
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