Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan has begun preparations to privatise the Uzbekistan GTL plant, whose construction cost US$3.42 billion.
The State Assets Management Agency (SAMA) is also considering an initial public offering (IPO) of the company’s shares. According to agency head Sohibjon Murodov, international investors have already expressed interest in a potential listing.
Murodov discussed the privatisation preparations at a press conference on 8 October. However, he was unable to provide the plant’s latest financial figures or information on the repayment of its debt.
According to the SAMA chief, a privatisation concept has been developed for Uzbekistan GTL, and preparatory work is now underway. This includes assessing the company’s financial and operational performance, identifying problems and analysing the potential consequences of a change in ownership.
“In a sense, the privatisation process has already begun. However, if a document specifies a deadline for privatisation, it does not mean that the company must necessarily be sold by that date. It means that work on privatisation begins during that period,” Murodov explained.
Before the sale, the company must undergo an audit, and factors negatively affecting the plant’s production and financial position must be identified and addressed. The authorities will also need to assess the potential impact of privatisation on the economy, raw material suppliers, partners and buyers of its products.
Under a presidential resolution dated 21 April 2025, the entire 100% stake in Uzbekistan GTL owned by Uzbekneftegaz is to be privatised. Preparatory measures were scheduled to begin in the third quarter of 2025, with a public auction announcement planned for the second quarter of 2026. However, as of October 2026, the plant had not yet been put up for sale.
In parallel, SAMA has begun preparing for a possible IPO. Murodov said several major international organisations had already contacted the agency to enquire about the potential listing schedule and expressed their willingness to participate.
“This is a good signal for us. If we proceed with an IPO, there will also be investors willing to purchase small stakes in GTL,” the agency head said.
The specific terms of the privatisation, the size of any shareholding that may be offered to investors and the timeline for a potential IPO have not yet been determined.
Asked about Uzbekistan GTL’s financial position and the amount of debt repaid, Murodov said he did not have the relevant information directly available. He promised to publish details of the company’s current financial performance separately through the agency’s social media channels.
Uzbekistan GTL is located in the Kashkadarya Region, near the Shurtan Gas Chemical Complex. The plant was inaugurated by President Shavkat Mirziyoyev in December 2021. It uses gas-to-liquids (GTL) technology to convert natural gas into liquid petroleum products.
The plant has a designed capacity to process 3.6 billion cubic metres of natural gas annually. It is designed to produce 724,000 tonnes of diesel fuel, 307,000 tonnes of aviation kerosene, 437,000 tonnes of naphtha and 53,000 tonnes of liquefied gas per year.
The total construction cost amounted to US$3.42 billion, of which approximately US$2.3 billion was financed through foreign loans backed by state guarantees. The lenders include financial institutions from China, South Korea, Russia and other countries.
According to information published on the official Uzbekistan GTL website, the company’s outstanding principal debt stood at US$838.2 million as of 16 June 2026.
