Tashkent, Uzbekistan (UzDaily.uz) — Uzbekneftegaz held a series of meetings with international investment companies and eurobond holders in London, presenting its financial performance, corporate transformation progress and the outlook for its oil and gas projects.
The meetings were organised with the assistance of J.P. Morgan and Deutsche Bank, the press service of Uzbekneftegaz reported.
Participants included representatives of Ashmore Group, UBS Asset Management, Vanguard, Fidelity International, PIMCO, T. Rowe Price and other major financial institutions.
During the meetings, the company’s delegation presented its financial and operational results, recent corporate achievements, transformation initiatives and trends in the oil and gas industry. Particular attention was paid to government support measures and promising projects.
Uzbekneftegaz also briefed investors on the implementation of its production initiatives. The company noted that its gas-to-liquids (GTL) plant was operating at full capacity and that BP had joined the Ustyurt project.
One of the key topics was stabilising gas production, a task set by the government. Company representatives outlined measures envisaged by presidential decisions adopted in 2026, including the expansion of geological exploration, engagement of technology partners and direct financial support for the company.
In the first half of 2026, Uzbekneftegaz’s revenue increased by 10% to US$3 billion. EBITDA rose to US$1.5 billion, while its net debt-to-EBITDA ratio fell from 3.1 to 2.2.
Investors responded positively to the company’s financial performance. The results presented were viewed as evidence of stronger financial resilience and a sustained reduction in its debt burden.
Other achievements highlighted by Uzbekneftegaz included the discovery of five new fields, with additional reserves exceeding annual production, the establishment of its own drilling company and an expansion of drilling operations. These initiatives are intended to strengthen the company’s production capacity.
The London meetings also provided an opportunity to discuss prospects for cooperation with international financial institutions. The company emphasised the importance of open dialogue with investors, communicating the results of ongoing reforms and building confidence in its development plans.
Uzbekneftegaz issued US$700 million in eurobonds on the London Stock Exchange in November 2021. In 2025, the company completed another eurobond offering worth US$850 million.
