Baku, Azerbaijan, April 2
By Fakhri Vakilov – Trend:
The leadership of Uzbekneftegaz and the delegation of the Russian investment bank VTB Capital discussed issues of financial cooperation in Uzbekistan, Trend reports with reference to the press service of Uzbek company.
The agenda included a discussion on the preparation of increased transparency of the activities of Uzbekneftegaz JSC in accordance with international requirements and corporate business principles.
Uzbekneftegaz informed representatives of a Russian bank about the ongoing systemic preparation made by Uzbek company for obtaining an international corporate rating from leading world rating agencies.
It is noted that this is a multi-stage process that require the availability of financial statements according to international standards, independent counting and auditing of hydrocarbon reserves, determining the fair value of assets and investments, and preparing and auditing consolidated financial statements in accordance with international standards.
Furthermore, other issues were discussed during the meeting with representatives of the investment bank JSC VTB Capital. The foreign side was told about the benefits and conditions of investing in the oil and gas sector of Uzbekistan, and also identified specific areas for mutually beneficial cooperation.
President of Uzbekistan Shavkat Mirziyoyev in January 2018 ordered the management of Uzbekneftegaz to speed up work on obtaining a credit rating of the company and entering foreign markets. Moreover, the company announced that it had signed a mandate agreement on the appointment of Gazprombank as one of two global coordinators and co-bookrunners of the debut issue of Uzbekneftegaz eurobonds on international capital markets.
The capacities of Uzbekneftegaz now allow the production of natural gas in the amount of about 70 billion cubic meters and liquid hydrocarbons in the amount of 8 million tons per year.
The official statistics noted that oil production in Uzbekistan in 2018 compared with 2017 decreased by 8.2 percent to 746,400 tons, natural gas increased by 6.1 percent - to 59.842 billion cubic meters.
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