A meeting with representatives of Fitch Ratings was held
To implement the tasks set by the Government of the Republic of Uzbekistan regarding the transformation reforms at JSC "Uzbekneftegaz" including the continuation of the introduction of modern management methods, transparency, openness, and market principles, the company delegation held a series of meetings in London from October 15 to 18 this year with international rating agencies, investors, Eurobond holders, and banks.
The meetings also included the consultants of JSC "Uzbekneftegaz"–representatives from "J.P. Morgan" and "Finasia Capital."
In particular, the meeting with Fitch Ratings representatives discussed the key achievements of the company over the past 12 months and the medium-term development plans.
Special attention was given to the acceleration of the company's transformation processes, the strengthening of state support measures, and the positive trends in financial indicators.
The meeting addressed issues related to the modernization of the company's production capacities, including plans for a phased increase in the loading of new plants.
It was noted that as a result of the company's efforts to diversify its business, 70% of revenues are generated from hydrocarbon processing products that are not dependent on natural gas prices.
Additionally, information was provided on the status of projects aimed at reducing carbon emissions as part of JSC "Uzbekneftegaz's" sustainable development strategy and achieving ESG goals.
The agency representatives positively assessed the increase in natural gas prices, the government's measures for the gradual liberalization of the energy resources market, the appointment of independent members to the company's supervisory board, and the implementation of other decisions aimed at supporting the transformation processes.