The joint-stock company Uzbekneftegaz held an operational meeting for the first half of 2026 under the chairmanship of Chairman of the Board of Directors Abdugani Sanginov. During this meeting, the board of directors analyzed the company's financial and production results and determined strategic goals for the remainder of the year.
Financial Achievements and Cost Optimization
According to the company's press service, the total volume of corporate debt was successfully reduced from 3.1 to 2.7 by the end of 2025. By refinancing existing obligations on more favorable terms and early repayment of high-interest loans, Uzbekneftegaz saved 219 billion soums on interest payments. Furthermore, accounts receivable decreased by 1.2 trillion soums compared to the beginning of the year, and operating expenses were optimized by 1 trillion soums relative to initial forecasts, despite a recent increase in employee salaries across the system.
Positive Dynamics of Oil Bases
Regional oil bases of the company showed positive financial turnover. If 14 distribution oil bases finished the reporting period in the first half of 2025 with a cumulative net loss of 36.5 billion soums, then in the first half of 2026, these same bases managed to sell 250,000 tons of gasoline and 114,000 tons of diesel fuel, generating a net profit of 5.4 billion soums. Management attributes this recovery to deep structural reforms, full digitalization of supply chain tracking, and improved corporate governance.
Production Issues and Corrective Measures
Nevertheless, serious shortfalls in production plans were addressed at the meeting. The company failed to meet target indicators for diesel and fuel oil production due to raw material import restrictions caused by the unstable global geopolitical situation. Management instructed relevant departments to take measures to eliminate these deficits before the end of the current year.
Infrastructure Preparation and Gas Production
Special attention was paid to preparing infrastructure for the autumn-winter period. Given the anomalous weather phenomena and strong winds observed in Central Asia in recent years, enterprises were instructed to ensure uninterrupted production activities and create reliable, preemptive stocks of lubricants, motor fuel, and automotive gasoline. In the field of natural gas production, the board of directors ordered a technical examination of wells that were decommissioned or suspended, with the aim of reactivating technically capable facilities. In the future, the company will introduce hourly monitoring of the performance of each active well. Directors overseeing unauthorized reductions in production or processing volumes must provide official written explanations detailing immediate corrective actions.
Priorities for the Second Half of the Year
In the second half of the year, the company's management will focus on accelerating winterization programs, implementing strict energy-saving systems, developing internal electricity sources, and activating joint investment projects with partners from China. Additionally, as part of the initiative to improve working conditions for employees, the company plans to renovate and commission 26 workers' dormitories and 17 mobile trailer homes by the end of the year.