ALMATY (Reuters) – Uzbekistan is planning to privatise its oil and fuel agency, Uzbekneftegaz (UNG), by 2024 as a part of a technique to spice up fuel output, the nation’s vitality ministry stated on Friday.
The transfer could be the primary flotation of a big state-company within the former Soviet republic which renewed its reform drive after a change of management in 2016.
“…Measures are to be taken to draw funding in Uzbekneftegaz by main and secondary public placement of as much as 49% of shares no later than 2024,” it stated in an announcement.
Citing a presidential decree, the ministry stated UNG’s precedence was “to extend the annual manufacturing of hydrocarbons, together with pure fuel to 42.three billion cubic metres and LNG to 1.5 million tonnes by 2024 by encouraging cooperation with massive multinational oil and fuel corporations.”
It supplied no potential valuation or information on UNG’s present output and the corporate itself has not disclosed it both.
Uzbekistan produces about 60 billion cubic metres of fuel a 12 months and exports it through pipelines to Russia and China.
(Reporting by Olzhas Auyezov;…