Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz held a meeting of management and employees with members of the delegation of the London Stock Exchange (UK). The delegation is on a working visit to Uzbekistan, at which the current state of bilateral cooperation was discussed, as well as ways and opportunities for further expansion of interaction.

During a constructive conversation, the First Deputy Chairman of the Board of Uzbekneftegaz acquainted foreign partners with the general activities of the Company, as well as with ongoing reforms, in order to prepare for the initial public offering (IPO).

It was noted that Uzbekneftegaz systematically conducts an independent calculation of hydrocarbon reserves in accordance with international PRMS standards, audits consolidated financial statements in accordance with IFRS, takes measures to improve operational efficiency and introduce the best world business practices with the involvement of reputable world-famous consultants, including DeGolyer & MacNaughton, Ernst & Young, KPMG, PwC, etc.

The pledge of these reforms was the receipt of the corporate credit rating of the company at the level of the sovereign "BB- / stable".

In turn, representatives of the London Stock Exchange highly appreciated the successful placement on their platform of the debut Eurobonds of Uzbekneftegaz for a total amount of US$700.0 million for a period of 7 years, and also expressed confidence in the special significance of this experience for the entire corporate sector of the Republic of Uzbekistan.

In addition, representatives of Uzbekneftegaz expressed interest in further strengthening cooperation with the London Stock Exchange, including in terms of public offering of shares. The parties also discussed the importance of introducing ESG standards in the corporate governance of Uzbekneftegaz to further increase the investment attractiveness of the company among international investors.

Following the meeting, the representatives of the parties expressed gratitude to each other for the conversation and agreed to continue mutually beneficial cooperation. London Stock Exchange was founded in 1801 and today is the leading European stock exchange and the largest in terms of revenue in the world in terms of financial markets infrastructure.

The exchange carries out 30% of all world stock trading, manages assets worth more than 6.8 trillion pounds, and conducts over 37% of world currency transactions.