Tashkent, Uzbekistan (UzDaily.uz) — Uzbekneftegaz is considering extending the maturity of its first eurobond issue, which falls due in 2028. The company is examining options to repay the debt using its own funds or extend the obligations, First Deputy Chairman of the Management Board Sukhrab Khamraev said.
The maturity of the company’s second eurobond issue is scheduled for 2030. Uzbekneftegaz intends to prepare a decision on the first issue well in advance and begin negotiations to secure an extension on terms no less favourable than the current ones.
Khamraev stressed that the move would not involve raising new financing. The company intends to keep the amount of its obligations unchanged while extending the repayment period.
“This is not a new loan — no additional funds beyond these eurobonds will be raised. It is a matter of extending the same amount for a different period,” he said.
The deputy chairman also said that Uzbekneftegaz had refinanced almost all loans carrying high interest rates. The exception is US$1 billion in loans raised to finance the Uzbekistan GTL plant project.
The company plans to refinance these loans at the end of this year or early next year. According to Khamraev, this would allow it to remove the state guarantee provided for the loans. Banks no longer require such a guarantee, which he attributed to growing investor confidence in Uzbekneftegaz’s financial capacity.
On 29 September, the company held talks with J.P. Morgan to discuss opportunities to access international capital markets and the prospects for issuing bonds. However, Uzbekneftegaz’s press service told Spot that, at the time, the company had no plans to issue new eurobonds.
In May 2025, Uzbekneftegaz placed US$850 million in eurobonds with an annual yield of 8.75%. In November 2021, the company issued US$700 million in bonds with a yield of 4.75%.
