BlackRock subsidiary explores investment in Uzbekistan’s oil and gas sector

According to Uzbekneftegaz, discussions on potential investment took place on 26 January during a meeting between Minister of Investment, Industry and Trade Laziz Kudratov and Eric Varvel, partner, global head of capital formation and a member of the executive committee at GIP.

The talks focused on expanding investment cooperation and strengthening engagement with leading international financial and investment institutions. The Ministry of Investment, Industry and Trade and GIP reviewed priority areas for attracting long-term capital into Uzbekistan’s economy, including large-scale projects in industry, energy, infrastructure and sustainable development.

Particular attention was paid to initiatives aimed at modernizing production facilities, introducing advanced technologies and enhancing Uzbekistan’s overall investment attractiveness. The sides also discussed ways to broaden partnerships with global institutional investors and to further develop transparent and predictable investment mechanisms.

The meeting concluded with an agreement to continue constructive dialogue and deepen practical cooperation in promising areas.

Separately, Uzbekneftegaz chairman Abdugani Sanginov held talks with a GIP delegation on prospects for strategic cooperation, including potential investment in existing oil and gas infrastructure in Uzbekistan. During the discussions, the importance of conducting comprehensive assessments of all proposed projects was emphasized, including their potential impact on the company’s financial and economic performance.

As part of the engagement, the parties signed an information exchange agreement and expressed readiness to further strengthen strategic partnership and consider specific investment projects in the sector.

The latest talks follow a meeting last week in Davos between President Shavkat Mirziyoyev and BlackRock board member and senior managing director Adebayo Ogunlesi, who is also a co-founder of Global Infrastructure Partners. During that meeting, the sides discussed BlackRock’s possible participation in priority projects in Uzbekistan.

President Mirziyoyev expressed support for BlackRock’s initiatives, including potential equity participation in Uzbek enterprises, the creation of joint investment mechanisms and the attraction of international expertise to improve the country’s investment climate.