Uzbekneftegaz Acquires Nearly Half of Uztransgaz Stake
On March 29th, a significant deal was finalized between Uzbekistan’s state-owned oil and gas company, Uzbekneftegaz, and the country’s gas transport system operator, Uztransgaz. Uzbekneftegaz acquired a 46.8 percent stake in Uztransgaz for a total of 292.8 billion Uzbekistani som. This news was brought to light by economist Otabek Bakirov, who highlighted the importance of this corporate transaction.
It is believed that the shares were sold at a nominal value of 1000 Uzbekistani som each, possibly through an off-exchange transaction. Just two days later, on April 1st, Uzbekneftegaz made amendments to a valuation deal of Uztransgaz shares with Uz-Kor Gas Chemical LLC JV and KPMG Valuation and Consulting LLC.
Bakirov pointed out that this deal between Uzbekneftegaz and Uztransgaz could be part of a larger agreement that took place on April 3rd. This agreement involved Uz-Kor Gas Chemical, Uztransgaz, and Uzbekneftegaz under a Gas Sales Debt Agreement. This agreement included the transfer of debts exceeding 10 trillion Uzbekistani som to Uzbekneftegaz.
The economist described the transaction as a “strange deal,” questioning the benefits that Uz-Kor Gas Chemical may gain from it. He also noted that some shares obtained by Uzbekneftegaz in Uztransgaz might have been transferred for trust management purposes.
Kun.uz has reached out to relevant authorities for further information on Uzbekneftegaz’s acquisition of shares in Uztransgaz. It is worth mentioning that Uztransgaz was previously a part of Uzbekneftegaz until structural changes within the energy system in 2019.
Uz-Kor Gas Chemical LLC, which owns the Surgil field, one of the largest fields in Uzbekistan, is jointly owned by Uzbekneftegaz and a consortium of Korean companies. The details of the transaction and its implications continue to raise questions and spark interest among experts and industry observers.
