Uzbekneftegaz has identified a number of issues related to finances, production volumes, and dividend payments in three joint ventures in which it participates. In this regard, the company has decided to tighten supervision over the activities of these structures.
The companies in question are Natural Gas-Stream, New Silk Road Oil and Gas, and Andijanpetro. The situation was discussed at a special technical meeting chaired by the head of Uzbekneftegaz, Abdugani Sanginov.
The analysis of these enterprises' operations revealed management deficiencies, as well as problems with financial discipline and lack of transparency in reporting. It was noted that the enterprises did not always fully comply with the requirements for submitting reports to Uzbekneftegaz, and control over financial flows and procurement was insufficient.
Furthermore, some of these companies experienced a decline in production volumes, questions arose regarding investment effectiveness and financial stability, as well as incomplete fulfillment of dividend payment obligations.
To strengthen control, all significant decisions of the joint ventures must now be approved by Uzbekneftegaz. The company plans to monitor investment projects, procurements, financial transactions, and production indicators.
An inventory of all debts owed to Uzbekneftegaz is also planned, along with a re-evaluation of the efficiency of production facilities, and geological exploration and geo-technical works have been carried out. The financial situation and dividend policy of the enterprises will be revised.
In particular, the task has been set to guarantee the full and timely payment of dividends for the period 2025–2026 and to settle existing debts. Representatives of Uzbekneftegaz stated that the previous level of control from the founder was inadequate. Now the company's goal is to prevent the misuse or inefficient spending of funds, as well as to promote an increase in production, net profit, and overall profitability of the joint ventures.