Uzbekneftegaz and VTB Capital establish cooperation

Tashkent, Uzbekistan (UzDaily.com) -- Officials of Uzbekneftegaz held a meeting with representatives of the investment bank VTB Capital (Russian Federation).

Negotiations are organized during a visit to Uzbekistan of the portfolio managers of a number of the world's largest investment funds.

The agenda included a discussion on issues of preparing for greater transparency in the activities of Uzbekneftegaz in accordance with international requirements and corporate business principles, the press service of Uzbekneftegaz said.

During the meeting, the foreign party was told about the system preparation conducted by "Uzbekneftegaz" to receive an international corporate rating from leading world rating agencies. It is noted that this process is multi-stage, requiring the availability of financial statements according to international standards, independent counting and auditing of hydrocarbon reserves, determining the fair value of assets and investments, as well as preparing and auditing consolidated financial statements according to international standards.

The adoption of such measures is inextricably linked with the increased investment attractiveness of the oil and gas industry in Uzbekistan, where large-scale reforms are being carried out today. The head of state tasked to increase hydrocarbon reserves by expanding exploration and developing new fields, including with the participation of foreign companies. Thus, in accordance with the Investment Program of the Republic of Uzbekistan, in 2019, Uzbekneftegaz will implement 15 projects aimed at the exploration, extraction and deep processing of hydrocarbon raw materials.

During the meeting with representatives of the investment bank VTB Capital, other issues were discussed. The foreign side was told about the benefits and conditions of investing in the oil and gas sector of Uzbekistan, and also identified specific areas for mutually beneficial cooperation.

It should be underlined that VTB Capital holds leading positions in the ratings and is actively working on international capital markets. The investment bank took part in more than 830 transactions in the debt and equity capital markets, which made it possible to attract over US$290 billion in investments in the economy of Russia and the CIS countries.

Following the meeting, the parties agreed to continue the dialogue and discussion of areas of multilateral cooperation. In the near future, this will help strengthen contacts with foreign investors and expand opportunities for attracting market financing to the oil and gas industry of Uzbekistan.