"Uzbekneftegaz" is in discussions with foreign banks regarding the issuance of additional Eurobonds, as reported by the state company's press service.
On October 21, a delegation from "Uzbekneftegaz" in the UK met with representatives from Standard Chartered, ICBC Standard Bank, Citi, Deutsche Bank, Barclays, and MUFG to discuss attracting new credit resources. The banks reportedly expressed "great interest" in participating in the financing of the state company's activities in 2024-2025.
In addition to the issuance of Eurobonds, the organization of syndicated loans, hedging strategies, and alternative financing sources based on Export Credit Agencies (ECA) or Multilateral Investment Guarantee Agency (MIGA) were proposed.
During a meeting with investment companies and Eurobond holders in London, "Uzbekneftegaz" expressed interest in establishing a foreign trade company and collaborating to enter European markets via the Trans-Caspian transport route (Middle Corridor).
Photo: Press service of "Uzbekneftegaz"
In the press service of the state company, it was clarified that a joint venture, Turan Energy AFEZCO, was established in collaboration with the Azerbaijani Socar to conduct import and export operations for generating additional revenue.
As achievements for 2023, "Uzbekneftegaz" reported revenues of $2.6 billion, an increase in EBITDA to $1.15 million, a leverage ratio of 2.99, and an interest coverage ratio of 3.75, as well as a 30% reduction in drilling time.
In November 2021, "Uzbekneftegaz" issued its first international bonds totaling $700 million. The demand for the Eurobonds, attracted at an interest rate of 4.75%, was nearly three times higher than the supply.
Previously, Spot reported that "Uzbekneftegaz" began listing AI-92 gasoline on the exchange.