News
As part of the visit of the delegation of Uzbekneftegaz JSC to London, a meeting was held with investment companies and Eurobond holders.
For reference: in November 2021, Uzbekneftegaz JSC issued and placed securities (Eurobonds) on the London Stock Exchange in the amount of USD 700 million.
Investors were presented with presentations on the positive changes achieved in the implementation of the company's transformation reforms, including compliance with international ESG standards, an increase in production capacity, improved operational efficiency, financial and liquidity management, plans for further diversification of income sources, as well as support provided by the state.
Investors paid special attention to the company's transformation projects, as well as measures to reduce the carbon footprint and decarbonization. Interest was aroused by the carbon capture project, implemented jointly with leading foreign companies, as well as the possibility of ensuring the production of sustainable synthetic aviation fuel (SAF) and "blue" diesel.
There was also interest in the creation of a foreign trade company and cooperation in entering European markets through the "Middle Corridor".
Investors highly appreciated the company's achievements over the past year, including:
increasing the operational efficiency of drilling, in particular, by reducing drilling time by 30%;
fulfillment of forecast indicators for reducing production costs (for 9 months, the economic effect amounted to $ 63.8 million, the forecast for 2024 is $ 78 million);
approval of a new supervisory board in July of this year, which included 7 members, two of whom are independent;
delivering revenues of $2.6 billion, increasing EBITDA to $1,151 million, and achieving a leverage ratio of 2.99 and an interest coverage ratio of 3.75. Investors emphasized the need for such meetings to be held on a regular basis to maintain an open dialogue.
