Tashkent, Uzbekistan (UzDaily.uz) — Uzbekneftegaz is negotiating with foreign banks to refinance loans totalling US$1.1 billion that were secured by state guarantees.
The company expects the refinancing to reduce its average interest rate from 7.7% to 3.8%. First Deputy Chairman of the Management Board Sukhrob Khamraev announced the negotiations at a press conference on 27 October.
Of the loans to be refinanced, US$840 million relates to Uzbekistan GTL, while the remaining US$260 million comprises loans taken out directly by Uzbekneftegaz.
In parallel, the company is renegotiating the terms of previously obtained financing. As of 30 September, the group’s outstanding loans had declined by US$417 million compared with the beginning of 2026.
Uzbekneftegaz has revised the terms of 41 high-interest loans totalling US$384 million obtained from nine banks. The changes reduced debt-servicing costs and generated savings of about US$18 million in interest payments.
Previously, loans from commercial banks in Uzbekistan carried average annual interest rates of 9.5–12%. The rates now range from 7.4% to 7.5%.
The company’s debt burden has also decreased. According to Khamraev, its debt ratio stood at 3.1 at the beginning of 2025 and has fallen to 2.2, based on preliminary calculations.
In January–September 2026, Uzbekneftegaz and its subsidiaries produced industrial output worth 42 trillion soums. The production plan was fulfilled at 105.7%, with output increasing by 6% year-on-year.
Exports totalled US$737 million during the reporting period, equivalent to 151% of the target. Investment reached US$790 million, or 101% of the planned amount.
Uzbekneftegaz reported net profit of 2.9 trillion soums. The Bukhara Oil Refinery posted net profit of 1.9 trillion soums, while the Shurtan Gas Chemical Complex recorded 1.1 trillion soums. Uzbekistan GTL’s net profit reached 3.1 trillion soums, up 24% from the same period in 2025.
Over the nine-month period, the group paid 6.9 trillion soums in taxes and other contributions to the state budget, a 25% increase year-on-year.
The company also reported cost optimisation savings of 1.9 trillion soums against an annual target of 2.3 trillion soums. Savings on purchases of materials and other resources exceeded 800 billion soums.
Despite efforts to optimise staffing levels, the payroll for existing employees increased by 21% during the reporting period. The company attributed the rise to two salary increases introduced since the beginning of the year.
