TASHKENT ( WNAM MONITORING0: President Shavkat Mirziyoyev reviewed the presentation on the objectives and long-term plans of the Uzbekneftegaz joint-stock company.
Ensuring energy security and an uninterrupted supply of energy resources to economic sectors is a key factor in the country’s development. Therefore, particular attention is paid to increasing productivity, widespread introduction of modern technologies, and intensifying geological exploration works in the gas sector.
The presentation highlighted that the main task of the Uzbekneftegaz joint-stock company is to increase natural gas reserves and production volumes. It was noted that the company needs to implement measures to increase daily gas production from 66 million cubic meters to 70 million cubic meters and to produce at least 25,4 billion cubic meters of gas this year.
Proposals on utilizing the existing opportunities were reviewed.
It was emphasized that, to increase gas reserves, it’s necessary to develop new prospective investment blocs and accelerate work and improve effectiveness in specific fields for investors.
It was also noted that naphtha production capacity currently stands at 70 percent, and the product is exported at 50 percent below cost. Given that processing naphtha into polymer products increases added value by 6 times, instruction was given to implement measures to fully utilize existing capacity.
In addition, measures to strengthen Uzbekneftegaz’s financial position were reviewed.
At the meeting, special attention was paid to combating theft and corruption in the oil and gas sector.
To prevent corruption risks within the company, a separate deputy chairperson position has been introduced, and a compliance and internal anti-corruption control service has been established. The task is to establish an effective system across the industry for the rapid detection and prevention of legal violations.
The President gave the responsible persons appropriate instructions to deepen the transformation in the oil and gas sector, increase gas reserves and production volumes, and strengthen financial discipline.
