Uzbekneftegaz considers extending the maturity of Eurobonds

Uzbekneftegaz is conducting negotiations with foreign banks to refinance loans totaling $1.1 billion, which were secured by state guarantees. The company expects that the refinancing will reduce the average interest rate from 7.7% to 3.8%.

The First Deputy Chairman of the Board, Suhrob Khamraev, announced the progress of these negotiations during a press conference held on October 27. Of the total loan amount subject to refinancing, $840 million belongs to Uzbekistan GTL, and the remaining $260 million was taken directly by Uzbekneftegaz.

In parallel, the company is reviewing the terms of previously obtained financing. As of September 30, the outstanding loans of the group decreased by $417 million compared to the beginning of 2026.

Uzbekneftegaz changed the terms of 41 high-interest loans totaling $384 million received from nine banks. These changes allowed for a reduction in debt servicing costs and saved approximately $18 million in interest payments.

Previously, commercial banks in Uzbekistan offered average annual interest rates of 9.5–12%, whereas now rates range from 7.4% to 7.5%.

The company's debt burden has also decreased. According to Khamraev, at the beginning of 2025, the debt burden ratio was 3.1, and according to preliminary estimates, it has fallen to 2.2.

From January to September 2026, Uzbekneftegaz and its subsidiaries produced industrial output worth 42 trillion UZS. The production plan was met at 105.7%, which means a 6% year-on-year increase in output.

Exports for the reporting period amounted to $737 million, corresponding to 151% of the planned figure. Investments reached $790 million, or 101% of the targeted volume.

Uzbekneftegaz reported a net profit of 2.9 trillion UZS. The Bukhara Refinery recorded a net profit of 1.9 trillion UZS, and the Shurtan Petrochemical Complex recorded 1.1 trillion UZS. The net profit of Uzbekistan GTL reached 3.1 trillion UZS, which is 24% more than in the same period of 2025.

Over the nine-month period, the group paid 6.9 trillion UZS in taxes and other contributions to the state budget, representing an increase of 25% compared to the previous year.

The company also reported cost savings of 1.9 trillion UZS through cost optimization against a target of 2.3 trillion UZS. Savings on material purchases and other resources exceeded 800 billion UZS.

Despite efforts to optimize staffing, the payroll for existing employees increased by 21% during the reporting period. The company attributed this growth to two salary increases introduced since the beginning of the year.

Alexey Likachyov, head of Rosatom, presented plans for the construction of an NPP in Uzbekistan. He stated that the process of selecting future employees for the operation of the Uzbek nuclear power plant will start at the end of 2027.

According to information provided by Alexey Likachyov, the CEO of the state corporation Rosatom, up to 13.5 thousand people may work at the construction site in 2030–2031. It was also clarified that this refers not to workers involved in construction, but to specialists who will ensure the station's functioning after it is commissioned.

Likachyov shared details of the next stages of the station's construction. According to him, the concreting of foundation slabs for two small reactors will be completed by the end of 2026. In 2027, construction will move to a new stage, involving the erection of the reactor building, administrative building, walls and floor slabs, as well as machine halls for the small reactors.

In parallel, work on large power units will intensify. Likachyov noted that more than a thousand people are currently working at the NPP site, and their numbers are planned to be increased by at least double in the near future.

The peak of construction is expected in 2030–2031, when 13–13.5 thousand specialists and workers may be employed at the facility. Furthermore, the production of main equipment has begun, which is being prepared for a long period, including the casting of a metal billet weighing 105 tons for the casing of a small power unit reactor.

Likachyov emphasized that the development of the NPP in Uzbekistan is the first step in implementing a major facility of fundamental importance to the country's energy and economy. He also added that Rosatom plans to transfer a significant part of the general construction work to Uzbek companies.

It should be recalled that the first integrated NPP in Uzbekistan is being built near the village of Forish in the Jizzakh region. The project includes two large VVER-1000 type power units and two small RITM-200N reactors with a capacity of 55 MW each, giving the station a total capacity of 2110 MW. Construction officially began on June 4, 2026, with the pouring of the first concrete for the small power unit foundation. It is planned that the station's power units will be commissioned in stages between 2029 and 2035.