TASHKENT, Uzbekistan, December 13. Uzbekistan has agreed to get long-term funding of up to $3 billion, with an additional $5 billion potentially available, to bolster renewable energy initiatives, Trend reports via Uzbekneftegaz.
The agreement was concluded between UNG Overseas, the international trade and investment subsidiary of Uzbekneftegaz JSC, and the US-based corporation Cargill.
The main objective of the partnership is to enhance the country’s energy security, improve the resilience of resource supply, and support sustainable development. Within the framework of the projects, financing will be considered for areas such as:
• ensuring stable energy supply for the population and industry,
• reducing systemic risks and modernizing infrastructure,
• improving the efficiency of energy and water resource management,
• maintaining environmental balance,
• boosting industrial competitiveness, and
• reinforcing Uzbekistan’s energy independence.
Under the agreement, UNG Overseas will coordinate strategic engagement with international partners, while Cargill will offer practical solutions based on its global expertise in structured financing.
Meanwhile, in October 2025, Uzbekneftegaz JSC established a new subsidiary in the United Arab Emirates—Orient Energy Limited, which operates under the international brand UNG Overseas. The newly established company is tasked with attracting funding from international financial institutions and investors to implement large-scale projects in the energy, infrastructure, and industrial sectors.
Founded in 1992 and restructured into a national holding company in 1998, Uzbekneftegas is a state-owned entity overseeing Uzbekistan's oil and gas sector. Uzbekneftegaz heads a partnership of Korea National Oil Corporation, China National Petroleum Corporation, and Lukoil, engaged in the exploration and development of gas condensate reserves in the Aral Sea. It, in conjunction with the China National Petroleum Corporation, possesses and manages the Uzbek segment of the Central Asia–China gas pipeline. Uzbekneftegaz has a production sharing agreement with Gazprom for gas exploration, joint ventures with Prista Oil for motor oil and lubricant manufacture, and with Ariston Thermo for heating boiler production.