Uzbekneftefaz: Increased investment attractiveness and established cooperation with the world’s largest financial institutions
Tashkent, Uzbekistan (UzDaily.com) -- In recent years, the transformation processes carried out by the Head of our state throughout the country have not bypassed the oil and gas industry.
In particular, as a result of the great attention paid by the President of our country Shavkat Mirziyoyev to the development of the oil and gas industry and the reforms carried out, the possibility of uninterrupted supply of the population and sectors of the country’s economy with oil and gas products has been created.
In the resolutions of the President and the Government of the Republic of Uzbekistan, a number of new tasks have been set for Uzbekneftegaz, such as the complete digitalization of all business processes, ensuring the transparency of society, financial recovery, financial reporting in full compliance with international standards and increasing the investment attractiveness of society.
A number of measures have been taken to achieve these objectives. In particular, the international audit company Ernst & Young conducted an audit of the company’s consolidated financial statements in accordance with international standards for 2017-2020 and received a positive audit opinion.
In September-October 2021, the international rating agencies Fitch Ratings and S&P Global Ratings assigned Uzbekneftegaz JSC credit ratings of an independent sovereign rating of BB– (stable).
In addition, in order to diversify the sources of borrowed funds attracted for the implementation of investment projects, in November 2021 the company for the first time placed on the London Stock Exchange Eurobonds in the amount of US$700.0 million for a period of 7 years without government guarantees.
This success is the result of the transformational processes carried out by the society and systematic work to introduce the world’s best business practices.
In connection with the above major changes, which require a special level of fulfillment of the Company’s obligations to investors and further development of relations with them, a new structural unit was created - the Department for Work with Financial Institutions and Debt Management.
In accordance with the goals and objectives set for this department, work has begun on the development of an electronic platform in order to constantly analyze the company’s debt burden, monitor existing financial conditions and requirements (covenants), as well as digitize the process of obtaining a loan, attracting borrowed funds to finance investment projects , coordinating the fulfillment by the company of all obligations on attracted debts and compacting the debt burden of the company.
At present, the employees of the newly created department have established partnerships with major financial institutions of the world - the China Silk Road Fund, Gazprombank JSC of the Russian Federation, the State Development Corporation of the Russian Federation, the EXIAR export-import insurance agency, the Japanese MUFG Bank LTD.