Uztransgaz to apply for an additional loan in the amount of $257 million

According to the Finance Ministry’s Single Corporate Information Portal, Uztransgaz will borrow an additional $57.5 million over a two-year period to extend a $300 million loan from Russia’s Gazprombank and refinance its current liabilities.

In addition, Uztransgaz will receive a loan from the NBU in the amount of $200 million for a period of 2 years to replenish working capital, purchase raw materials and equipment, and finance investment projects under the program.

A presidential decree of April instructed Uztransgaz to introduce a separate system for managing privatization and transformation processes, which would strengthen the independence of the supervisory board and its control over the company’s management.

The same decree instructed to regulate the financial statements of the enterprise, inventory and reduce accounts payable and receivable for natural gas. It was stressed that the financial reporting should be carried out in accordance with international standards (this requirement was also set out in the presidential decree of 2019).

In 2024, Uztransgaz must receive an international credit rating and attract funds independently from international banks and other organizations, ensuring financial discipline.