...

ADB finalizing proposals for restructuring Uzbekneftegaz

Oil&Gas Materials 6 December 2018 14:15 (UTC +04:00)

Baku, Azerbaijan, Dec. 6

By Fikret Dolukhanov – Trend:

The Asian Development Bank (ADB) is finalizing the proposals for restructuring Uzbekneftegaz, Trend reports referring to Uzbek media.

The statement was made by Deputy Chairman of Uzbekneftegaz, Odil Temirov.

“Our company is currently exploring the possibility of restructuring the system in order to increase management efficiency and mobility. For this, we have attracted ADB specialists. They are now working with us, studying corporate governance processes, and finalizing proposals. Based on this, we must submit to the government plans to fully restructure Uzbekneftegaz,” Temirov said at a press conference in Tashkent.

According to the deputy chairman, some of the company's facilities may be transferred to trust management, for example, the Fergana Oil Refinery.

“The Fergana refinery faces a shortage of raw materials; we have to import it in large quantities. Therefore, it has been proposed to attract international companies that will be able to import raw materials and process them to satisfy the Uzbek market. This could be a public-private partnership or trust management,” Temirov said.

In January-October 2018, Uzbekistan reduced oil production to 624,300 tons, which is 9.2 percent less compared to the same period in 2017.

In the reporting period, natural gas production amounted to about 49.46 billion cubic meters, which is 6.8 percent more compared to the same period of 2017.

---

Follow the author on Twitter: @FDolukhanov

Tags:
Latest

Latest