Uzbekneftegaz Prepares to Restructure Debt Obligations as Part of Corporate Transformation

Tashkent, Uzbekistan (UzDaily.com) — Uzbekneftegaz has begun preparations to restructure its debt payments as part of a comprehensive transformation of the company’s operations.

As a reminder, on 23 February, Shavkat Mirziyoyev reviewed the implementation of previously issued instructions aimed at improving the company’s efficiency. During the meeting, current results and development plans for the oil and gas sector were presented.

In an interview with the television channel Oʻzbekiston 24, Deputy Minister of Economy and Finance Khurshed Mustafayev, who oversees the oil and gas sector, said that the President was presented with Uzbekneftegaz’s plans for natural gas production in 2026. The discussions covered the progress of geological exploration and production drilling, the development of new fields, as well as performance results for January–February of the current year.

According to him, two new gas condensate fields have been discovered since the beginning of the year, which will make it possible to meet the targeted gas production indicators for 2026.

As part of the company’s transformation, plans include the development of a long-term growth strategy, an audit of financial statements in accordance with international standards, improvement of international credit ratings, and the restructuring of loan obligations. To increase natural gas reserves, the company has been tasked with actively attracting potential investors.

Special attention is being paid to reducing production costs, increasing profitability, and improving the company’s overall financial health.

The meeting also revealed a set of measures to optimize expenditures, including a review of the organizational structure of the central office, adjustments to prices for production services, goods, materials, and contract work, streamlining the credit portfolio, divesting non-core assets from management, and establishing a systematic approach to reducing accounts receivable.

In addition, Uzbekneftegaz intends to accelerate the completion of a forensic audit, improve procurement procedures, implement ESG principles, and transition to reporting based on international standards, which is expected to enhance transparency and the investment attractiveness of the state-owned company.