The key facts

  • Uzbekneftegaz is negotiating with foreign banks to refinance $1.1 billion in loans under a state guarantee
  • The goal is to reduce the average rate from 7.7% to 3.8%
  • The group's credit debt has decreased by $417 million since the beginning of the year

Refinancing negotiations

Uzbekneftegaz is negotiating with foreign banks to refinance $1.1 billion in loans raised under a state guarantee. First Deputy Head of the company Sukhrob Khamraev announced this at a press conference on October 27, reports Spot.uz. Of the total amount, $840 million accounts for loans of the Uzbekistan GTL enterprise, and another $260 million for loans of Uzbekneftegaz itself. Through refinancing, the company expects to reduce the average interest rate from 7.7% to 3.8%.

Revision of already raised loans

Alongside the negotiations on new terms, the company is also revising previously raised loans. As of September 30, the group's credit debt had decreased by $417 million compared to the beginning of the year. The terms of 41 high-interest loans totaling $384 million, taken out from nine banks, were revised: this made it possible to lower rates and save about $18 million on interest payments. Whereas loans from commercial banks in Uzbekistan were previously raised at an average of 9.5–12% per annum, rates now stand at 7.4–7.5%. According to Khamraev, the credit burden ratio fell from 3.1 at the beginning of 2025 to approximately 2.2 according to preliminary estimates.

Nine-month results

Over the nine months of 2026, the volume of industrial output of Uzbekneftegaz and its subordinate organizations reached 42 trillion soums — the plan was fulfilled at 105.7%, with a growth rate of 106%. Exports reached $737 million (151% of the plan), and investments $790 million (101% of the plan). The net profit of Uzbekneftegaz itself amounted to 2.9 trillion soums, the Bukhara Refinery — 1.9 trillion soums, and the Shurtan Gas Chemical Complex — 1.1 trillion soums. Uzbekistan GTL's profit reached 3.1 trillion soums, up 24% year on year. The group transferred 6.9 trillion soums to the budget — 25% more than a year earlier. Expenses were optimized by 1.9 trillion soums against an annual plan of 2.3 trillion soums, and procurement savings exceeded 800 billion soums. The payroll fund for current staff grew by 21% over the period following two salary increases since the beginning of the year — against the backdrop of staff headcount optimization.