Uzbekneftegaz is studying options for extending the maturity of its first issue of Eurobonds, which is due to be repaid in 2028. The First Deputy Chairman of the Board, Sukhrob Khamraev, reported that the company is considering two paths: repaying the debt with its own funds or extending the obligations.
The maturity date for the company's second issue of Eurobonds is set for 2030. Uzbekneftegaz plans to prepare a decision regarding the first issue in advance and begin negotiations to obtain an extension under terms no less favorable than the current ones.
Khamraev emphasized that this decision does not imply attracting new financing. The company intends to keep the size of its obligations unchanged, only increasing the period of their repayment. He clarified: 'This is not a new loan—no additional financing will be attracted beyond these Eurobonds. It is a matter of extending the same amount for a different term.'
The First Deputy Chairman also noted that Uzbekneftegaz has refinanced almost all high-interest loans. The exception is loans totaling 1 billion US dollars, attracted to finance the Uzbekistan GTL plant project. The company plans to refinance these loans at the end of the current year or the beginning of the next, which will allow it to waive the state guarantee on these borrowings. Khamraev linked this to growing investor confidence in Uzbekneftegaz's financial capabilities, as banks no longer require such a guarantee.
On September 29, the company held talks with J.P. Morgan to discuss opportunities for accessing international capital markets and bond issuance prospects. However, the Uzbekneftegaz press service informed Spot that the company currently has no plans to issue new Eurobonds.
Previously, in May 2025, Uzbekneftegaz placed Eurobonds worth 850 million US dollars with an annual yield of 8.75%. In November 2021, the company issued bonds worth 700 million US dollars with a yield of 4.75%.