Uzbekneftegaz involves BCG in the project for the development of a mid-term and long-term strategy
24/11/2021 19:45
Uzbekneftegaz involves BCG in the project for the development of a mid-term and long-term strategy
24/11/2021 19:45
Tashkent, Uzbekistan (UzDaily.com) -- Within the framework of the transformation project of Uzbekneftegaz JSC, preparations for an initial public offering (IPO) are in full swing.
At the same time, today the company faces a number of challenges in different business segments:
- Growing demand for petroleum products in the Republic;
- The growing challenges posed by the ESG agenda;
- Announced reforms in the gas industry, etc.
To identify and realize the full potential of transformation, the project "Development of a strategy for the medium and long-term development of Uzbekneftegaz JSC" was initiated jointly with the consulting company BCG.
On 17 November 2021, a kick-off meeting was held with representatives of the consulting company, during which information about the company’s business processes was presented, preliminary observations and conclusions of BCG on key segments were presented, and potential opportunities for the company’s growth and development were discussed.
During the discussions, the context and objectives of the Project, the generalized plan and scope of work, the Project team from Uzbekneftegaz JSC and BCG were also agreed.
The main goal of the Project is to develop a medium-term and long-term development strategy in the areas of production and exploration, oil refining and gas chemistry, marketing and sales, which achieves the following objectives:
- Adaptation of the strategy of Uzbekneftegaz JSC to changes in the industry (including a change in the model of the gas industry, a shift in ESG, regulation, etc.);
- Ability to track the results of strategy execution and the dynamics of the company’s development;
- Creation of an effective operating model that can be competitive in the long term;
- Improving the financial and operational efficiency of the company;
- Evaluation of efficiency and ensuring the timely implementation of investment programs;
At the first stage of the Project, it is envisaged to work on diagnostics of activities by segments, clarification of the strategy for medium and long-term development of each segment, as well as formalization and approval of the draft development strategy.
In subsequent stages, the goals of the operating model will be formed, a strategy for the implementation and optimization of the parameters of projects in the portfolio will be determined, and a sustainable development policy will be developed.
The project as a whole is aimed at forming an organizational model and a program for increasing the company’s investment efficiency, improving financial and operational indicators, as well as offering solutions to new challenges.
Based on the results of the opening meeting, the parties agreed on further actions, identified responsible officials in various areas (production and exploration, oil refining and gas chemistry), and also decided to provide jobs to the BCG team in the office of the transformation department for the most effective mutual activities and successful implementation project.
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