Minister of Energy of Uzbekistan, Jurabek Mirzamakhmudov, commented on the information that appeared on the internet about the possible transfer of the company Uztransgaz to a trust management at the Tashkent International Investment Forum. The Minister expressed his lack of knowledge regarding this information and denied any such claims.
According to the corporate information published by the company on March 29, Uzbekneftegaz purchased a 46.8% stake in Uztransgaz, the sole operator for gas transit and transportation through main gas pipelines, for 292.8 billion sum. The deal was conducted off the exchange, with shares valued at the nominal price of 1000 sum each. Subsequently, on April 1, Uzbekneftegaz signed an additional agreement with the joint venture Uz-Kor Gas Chemical and KPMG Valuation and Consulting for the assessment of one ordinary share of Uztransgaz.
On April 3, Uzbekneftegaz signed a debt agreement for the sale of gas, amounting to 10.02 trillion sum (31% of the company's net assets, totaling 32.2 trillion sum). This deal raised questions from financial expert Otabek Bakirov, who highlighted the lack of economic sense in the agreement and its contradiction with previous structural reforms in the energy sector.
In September 2023, Uzbekistan agreed to settle the unpaid debt of 1 billion dollars in the joint gas project Uz-Kor Gas Chemical with South Korea. This debt accumulated as Uztransgaz had outstanding payments to Uz-Kor Gas Chemical for gas extracted since 2017.
Regarding the pricing differences, in 2022, Uztransgaz purchased gas from Uzbekneftegaz at 250 sum, while from foreign companies such as Lukoil and Uz-Kor Gas Chemical at 1100 sum. The gas was then sold to consumers at varying prices, leading to a significant debt accumulation for Uztransgaz towards Uz-Kor Gas Chemical.
In February 2008, the national holding company Uzbekneftegaz and the consortium Kor-Uz Gas Chemical Investment established the joint venture Uz-Kor Gas Chemical for the construction of the Ustyurt Gas Chemical Complex based on the Surgil field in Karakalpakstan. The project aimed to process natural gas and produce various chemical products, with a total investment of 4.16 billion dollars.
The project was financed through a consortium of foreign financial institutions, the founders' own funds, and a credit from the Reconstruction and Development Fund of Uzbekistan. The gas reserves at the Uz-Kor Gas Chemical site were estimated at 109.6 billion cubic meters.
Expert Ravshan Khuzhanov urged the government to disclose the entire cost structure of energy resources to provide transparency to consumers about the pricing mechanisms applied by state-owned companies in energy production and delivery.
