BAKU, Azerbaijan, October 20. Uzbekistan’s state-owned oil and gas company Uzbekneftegaz reported a 10% increase in revenue to $3 billion over the 12 months ended June 30, 2026, at a meeting with Fitch Ratings and S&P Global Ratings on October 19 in London.
This was reflected in the statement by Uzbekneftegaz, following meetings between a delegation led by First Deputy Chairman of the Board Sukhrob Khamroyev and analysts from Fitch Ratings and S&P Global Ratings in London. Khurshid Mustafayev, deputy minister of economy and finance responsible for the oil and gas sector, joined the discussions online.
The meetings were part of regular consultations with the rating agencies. Uzbekneftegaz aims to raise its credit ratings to sovereign levels and maintain them, while monitoring financial indicators in line with the agencies’ methodologies.
In 2025, Fitch Ratings upgraded Uzbekneftegaz’s rating to BB, while S&P Global Ratings raised it to BB-. Both agencies assigned stable outlooks.
During the London meetings, the company presented the results of its ongoing transformation, including improvements in corporate governance and financial performance.
As of June 30, 2026, earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.5 billion over the preceding 12 months, according to the company. The figures are supported by financial statements reviewed by independent auditors.
Uzbekneftegaz attributed its financial stability to government support, amounting to about $1 billion in 2026, and the diversification of revenue sources. Its net debt-to-EBITDA ratio declined from 3.1 times to 2.2 times.
Moreover, the company reported improvements in its debt structure through refinancing, sufficient headroom under loan covenants and stronger liquidity.
The discussions covered measures to stabilize natural gas production and progress in environmental, social and governance (ESG) reporting. These included the company's first international ESG rating and its first climate report prepared in accordance with International Sustainability Standards Board (ISSB) standards.
Uzbekneftegaz said it would continue working closely with both agencies as they review its credit ratings.
