New JSC in oil, gas sector of Uzbekistan to address energy needs (Exclusive)

Baku, Azerbaijan, Aug 23

By Fakhri Vakilov -Trend:

The creation of Khududgaztaminot JSC in Uzbekistan has become part of a holistic program prepared with the technical assistance of the Asian Development Bank (ADB), to improve the management system and form an effective organizational structure of Uzbekneftegaz JSC, a source representative of the Ministry of Energy of Uzbekistan told Trend.

The source said that Khududgaztaminot JSC was established on the basis of the territorial gas supply branches of Uztransgaz JSC, state-owned holding company of Uzbekistan's oil and gas industry, as part of the oil and gas industry reform.

The company representative stressed that Uztransgaz JSC itself is being withdrawn from Uzbekneftegaz JSC, and the share of Uzbekneftegaz JSC in the charter capital of Uztransgaz JSC is transferred to the State Assets Management Agency of Uzbekistan.

According to the program, Uztransgaz JSC is now entrusted with the functions of acquisition of natural gas from organizations for the extraction and processing of gas for its further transportation, including export and import of natural gas, as a single operator. It is also entitled with the function of realization of natural gas under direct contracts to consumers connected to gas pipelines and also under commission agreements with Khududgaztaminot JSC for consumers connected to gas distribution networks.

Accordingly, JSC “Khududgaztaminot” has been assigned with the functions of operation of gas distribution networks and related equipment in compliance with regulatory requirements for safe operation and of the purchase, supply, storage and sale of liquefied natural gas to the population and social facilities.

“The need for energy is growing in Uzbekistan. In this regard, consistent work is underway to comprehensively develop the fuel and energy industry and diversify energy sources,” representative stated.

The source noted that, despite previous measures, there was an incomplete provision of the economy and population of Uzbekistan with energy resources, as well as deterioration in the financial situation of oil and gas enterprises.

“The reason for this is the inefficiency of exploration, investment projects and pricing. As a result of insufficient financial resources and a shortage of material and technical resources in 2017–2018, an increase in natural gas production was provided only by 42 percent of the forecast indicators,” the source added.

In connection with these measures, a restructuring of the system of JSC Uzbekneftegaz was undertaken, as a result of which JSC Khududgaztaminot was created.

It is planned that these steps will lead to the financial recovery of oil and gas enterprises, the introduction of modern digital technologies and advanced management methods based on generally accepted international practice.

The goal of a comprehensive reform of the oil and gas industry is to fully meet the energy needs of the economy and population of Uzbekistan.

The representative emphasized that the organization of JSC Khududgaztaminot would reduce the loss of natural gas during its supply to consumers.

This will be achieved through the modernization and reconstruction of existing gas distribution points and networks and the full implementation of an automated system for monitoring and accounting for natural gas for all categories of consumers until 2022.

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Follow author on Twitter:@vakilovfaxri

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