Uzbekneftegaz and McKinsey Discuss Long-Term Development Strategy for National Company

The Uzbek company Uzbekneftegaz and the Malaysian corporation PETRONAS held discussions on prospects for expanding cooperation in the oil and gas sector. Possibilities for long-term supplies of natural gas and gas condensate to Uzbekistan were discussed.

The negotiations took place in Ashgabat as part of the 31st International Conference and Exhibition 'Turkmenistan Oil and Gas — OGT 2026'. The delegation of Uzbekneftegaz was headed by Deputy Chairman of the Board Farid Muminov, while the interests of PETRONAS were represented by Vice President of International Assets Mohd Redhani Abdul Rahman.

The parties reviewed various options for organizing long-term supplies of natural gas and gas condensate, as well as studied opportunities for joint work on new projects. Special attention was paid to geological exploration and field development.

Participants discussed potential areas of joint activity that could bring mutual benefit. Company representatives also considered the possibility of continuing the supply of gas condensate to the Bukhara Refinery.

Following the meeting, PETRONAS representatives confirmed their interest in further developing the partnership with Uzbekneftegaz, emphasizing the need to maintain constructive dialogue and work on agreed areas of cooperation. However, the announcement did not specify any concrete agreements on new contracts or timelines for implementing the discussed initiatives.

President of Uzbekistan Shavkat Mirziyoyev held a meeting with Todd Boeli, the head of the American investment holding company Eldridge Industries. During the negotiations, priority areas for joint cooperation were outlined.

The main areas of cooperation included the mining industry, metallurgy, construction work, as well as the integration of digital solutions into urban infrastructure. According to information provided by the president's press service, this meeting took place on October 23.

As a result of the discussion, the parties reached an agreement to develop a common roadmap aimed at deepening multi-level partnership. Eldridge Industries is an American investment holding company that manages assets, insurance, real estate, infrastructure, technology, sports, and media. Under the management of this company is an asset portfolio exceeding 75 billion dollars.

Furthermore, previously Mirziyoyev received Bakytzhan Sagintayev, Chairman of the Eurasian Economic Commission Board. The discussion between them concerned issues of expanding economic interaction, reducing trade restrictions, and simplifying customs and transport processes.

The Chairman of the Board of Uzbekneftegaz, Abdugani Sanginov, held talks with a delegation from China National Petroleum Corporation (CNPC), led by President Zhou Xinhua. The parties discussed the possibility of deepening cooperation in the oil and gas sector, accelerating joint projects, and implementing new initiatives, according to the press service of Uzbekneftegaz.

CNPC is one of the five largest energy companies in the world. This meeting highlighted the stable development of ties between Uzbekistan and China, facilitated by the constant attention of leaders from both countries. CNPC has established itself as one of Uzbekneftegaz's key partners.

Participants exchanged views on the results of joint work, which covered drilling, geological exploration, seismic surveys, increasing oil recovery at fields, digitalization, design, and supply of modern equipment. According to participants, projects involving CNPC subsidiaries such as Xibu, BGP, SSDC, and SNLS contribute to strengthening the technological potential of Uzbekistan's oil and gas industry.

Special attention was paid to resolving the consequences of the incident at the M-25 field, for which well drilling works are planned to mitigate the aftermath.

Furthermore, the companies considered the issue of diversifying sources of petroleum product supplies to ensure stable supply to the domestic market. Both organizations expressed readiness to develop long-term supply mechanisms and coordinate the activities of relevant enterprises.

In light of the expanding partnership, proposals were put forward to open a permanent CNPC representative office in Tashkent and establish a modern administrative infrastructure to coordinate joint projects and develop social programs.

Cooperation in personnel training was also discussed, including support for the Tashkent branch of Gubkin Russian State University of Oil and Gas. The goal of this initiative is to train highly qualified engineering and technical specialists for the sector and increase the human resource potential required for future projects.

At the conclusion of the meeting, the parties reaffirmed their readiness to deepen mutually beneficial cooperation, implement new technological solutions, and achieve tangible results through joint endeavors.