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Uzbekneftegaz to place up to 49% of its shares as part of IPO

Business Materials 12 July 2019 16:21 (UTC +04:00)

Baku, Azerbaijan, July 12

By Fakhri Vakilov-Trend:

The Uzbekneftegaz JSC will place up to 49 percent of shares as part of an initial public offering (IPO) no later than 2024, Trend reports with reference to the Ministry of Energy of Uzbekistan.

The placement of shares of Uzbekneftegaz will be the first major IPO of a state-owned company that is undergoing reforms after the change of leadership in 2016.

“By the initial and secondary public offering of up to 49 percent of the shares, measures should be taken to attract investments to Uzbekneftegaz no later than 2024,” read the message.

The ministry said that according to the presidential decree, the priority task of Uzbekneftegaz will be to increase the annual production of hydrocarbons, including natural gas, to 42.3 billion cubic meters and liquefied natural gas to 1.5 million tons by 2024 by encouraging cooperation with major transnational oil and gas companies.

Recently, Trend reported that Uzbekneftegaz produces 35-40 billion cubic meters of gas at the moment.

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