Uzbekistan GTL Begins Preparing for Privatization and IPO
Uzbekistan
Uzbekistan has begun preparations to privatize Uzbekistan GTL, one of the country’s major fuel-producing plants. Work is also underway to prepare the company’s shares for an initial public offering (IPO). The announcement was made on October 8 by Sohibjon Murodov, director of the State Assets Management Agency.
According to Murodov, a concept for selling the enterprise has already been developed. However, the timeline set out in the presidential resolution does not mean the plant will necessarily be sold by that date. It marks the start of the privatization process, which requires several preparatory stages.
“The company’s financial and business operations will be audited, and factors negatively affecting production and financial performance will be examined. The impact of privatization on the economy, suppliers and buyers will also be analyzed. These stages are предусмотрены in the resolution,” Murodov said.
The agency director also reported interest from major international organizations in a potential Uzbekistan GTL IPO. According to him, several organizations have contacted the agency to express their intention to participate. Murodov described this interest as a positive signal and said a public offering could also give smaller investors an opportunity to buy shares. He added that he did not have direct access to the company’s financial performance data, but the agency was ready to provide the necessary information.
Uzbekistan GTL was commissioned in December 2021. The complex can process 3.6 billion cubic meters of natural gas annually and has the capacity to produce 307,000 tonnes of aviation kerosene, 724,000 tonnes of diesel fuel, 437,000 tonnes of naphtha and 53,000 tonnes of liquefied gas.
Construction of the plant cost $3.42 billion, including $2.3 billion in foreign loans secured under state guarantees. According to the company’s official website, the outstanding principal debt stood at $838.2 million as of June 16, 2026. The loans were provided by banks in China, Korea and Russia, as well as other financial institutions.
“The company’s financial and business operations will be audited, and factors negatively affecting production and financial performance will be examined. The impact of privatization on the economy, suppliers and buyers will also be analyzed. These stages are предусмотрены in the resolution,” Murodov said.
The agency director also reported interest from major international organizations in a potential Uzbekistan GTL IPO. According to him, several organizations have contacted the agency to express their intention to participate. Murodov described this interest as a positive signal and said a public offering could also give smaller investors an opportunity to buy shares. He added that he did not have direct access to the company’s financial performance data, but the agency was ready to provide the necessary information.
Uzbekistan GTL was commissioned in December 2021. The complex can process 3.6 billion cubic meters of natural gas annually and has the capacity to produce 307,000 tonnes of aviation kerosene, 724,000 tonnes of diesel fuel, 437,000 tonnes of naphtha and 53,000 tonnes of liquefied gas.
Construction of the plant cost $3.42 billion, including $2.3 billion in foreign loans secured under state guarantees. According to the company’s official website, the outstanding principal debt stood at $838.2 million as of June 16, 2026. The loans were provided by banks in China, Korea and Russia, as well as other financial institutions.
Powered by Froala Editor