Uzbekistan's largest oil and gas company, Uzbekneftegaz, has reduced its receivables by 1.2 trillion soums and cut costs by 1 trillion soums compared to the plan in the first half of this year, the state company's press service reported.
The results of the first half and tasks for the remainder of the year were discussed at a meeting chaired by the company's chairman, Abdugani Sanginov.
According to the company, the debt burden was reduced from 3.1 to 2.7 times by the end of 2025. Additionally, refinancing and early repayment of high-interest loans attracted in previous years saved 219 billion soums in interest payments.
Uzbekneftegaz stated that the system for managing receivables and payables has been fundamentally reformed, with strict control established for each counterparty.
The performance of oil depots was also noted. Specifically, 14 oil depots under the company ended the first half of 2025 with a loss of 36.5 billion soums. In the same period this year, 250,000 tons of gasoline and 114,000 tons of diesel were sold, resulting in a net profit of 5.4 billion soums.
The chairman issued instructions to ensure full transparency of product accounting, strengthen financial discipline, tighten quality control, and adequately incentivize depot operators to prevent theft, as well as increase their salaries.
However, the meeting criticized the failure to meet production targets for diesel fuel and fuel oil. The company attributed this to restrictions on raw material imports due to the global geopolitical situation. Responsible officials were tasked with conducting a comprehensive analysis, studying the causes, and achieving the unfulfilled indicators by year-end.
Preparation for the autumn-winter season was a key topic. Given the abnormal weather conditions and strong winds observed in recent years, the company was tasked with accelerating measures to ensure uninterrupted operation of production facilities during winter and to build up reserves of fuel and gasoline in advance.
Uzbekneftegaz plans to reduce electricity costs through energy savings, greater use of alternative energy sources, and development of its own energy resources.
In the gas production sector, tasks were assigned to re-analyze the stock of decommissioned wells, restart technically feasible wells, accelerate geological and technical measures, and monitor the performance of each well on an hourly basis until the end of the year.
All managers who allowed a decline in gas production and processing indicators will be required to provide explanations and corrective measures.
The need to accelerate investment projects involving Chinese partners, strictly adhere to deadlines, and strengthen personal responsibility at each stage was emphasized.
Additionally, the company was tasked with creating decent conditions for workers, including fully renovating and commissioning 26 dormitories and 17 mobile homes by the end of the year.
Earlier, Russia temporarily banned diesel exports due to a domestic fuel shortage. The restriction does not affect deliveries under intergovernmental agreements.
Following the fuel crisis in Russia, diesel imports to Uzbekistan decreased. In six months, 283,000 tons of diesel were imported, 18.7% less than last year. In June, physical diesel imports fell to 2,800 tons, 18.7 times less than in June last year (51,800 tons). For comparison, 42,700 tons were imported in May and 39,500 tons in April.
In January-May, 476,400 tons of diesel were produced, 7.9% more than in the same period last year. In May, production amounted to 95,400 tons, down 17.8% year-on-year.
Source: www.gazeta.uz