Uzbekneftegaz Cuts Debt by 1.3 Trillion Soums

Tashkent, Uzbekistan (UzDaily.com) — Uzbekneftegaz has reported a reduction in accounts receivable by 1.3 trillion soums since the beginning of the year, according to First Deputy Chairman of the Board for Finance, Transformation and Privatization Sukhrob Khamraev in an interview with the O’zbekiston 24 TV channel.

He stated that the President was presented with a report on the implementation of key performance indicators for the first quarter of the current year, as well as objectives for the second quarter.

During January–March, the company exceeded its main targets: industrial production reached 106% of the plan, revenues 110%, investment indicators 160%, and export performance 130%.

Khamraev noted that receivables decreased by 1.3 trillion soums compared to the beginning of the year. In addition, enterprises within the Uzbekneftegaz system contributed 1.9 trillion soums in taxes and mandatory payments to the state budget.

In geological exploration and drilling activities, the company reported an increase in reserves of 2 billion cubic meters of natural gas and 40,000 tons of liquid hydrocarbons during the reporting period. For the second quarter, further growth is planned, including an additional 5 billion cubic meters of gas and 100,000 tons of liquid hydrocarbons.

A program for increasing natural gas production in April–June was also presented. It includes drilling and commissioning 22 new wells, major repairs of 31 wells, and implementation of 21 technical measures.

As a result, daily gas production is expected to increase by 6.7 million cubic meters. A report on measures to ensure production stability and improve financial efficiency in the oil and gas sector was previously presented to the President of Uzbekistan on 14 April.