Uzbekneftegaz plans to stop taking loans under state guarantees from 2027

Refusal of state guarantees is scheduled for 2027

Uzbekneftegaz expects to completely stop taking loans under state guarantees from 2027. This was announced on October 27 at a press conference by the company's first deputy chairman of the board, Sukhrob Khamraev, reports Spot.uz. According to him, the company is completing the refinancing of the remaining $840 million in loans under state guarantees; if the work is finished in the third or fourth quarter, no such loans will remain in the credit portfolio from 2027.

The company's arguments and eurobond plans

“We have stopped depending solely on the state,” Khamraev said, commenting on the possible impact of abandoning state guarantees on the credit rating. He noted that at meetings with the international agencies Fitch Ratings and S&P, the company explained that its financial position is increasingly less dependent on state support, and the selling prices for raw materials and marketable products, set by the state, are gradually approaching market levels. In Khamraev's view, issuing loans without state guarantees demonstrates banks' trust: before making decisions, they analyze the company's financial performance over the past year and the last six months. He expressed hope that the work being done will positively affect the agencies' assessments. Earlier, Spot reported that Uzbekneftegaz plans to refinance the first eurobond issue in 2027.