Uzbekistan’s mining sector sees nearly $3 bn surge in investments in 2M24
Uzbekistan
Investments in Uzbekistan's mining sector surged to UZS 36.3 trillion ($2.9 bn) in 2M24. This is reported by the Statistics Agency of Uzbekistan.
During the same period, sectoral enterprises demonstrated remarkable productivity, yielding products valued at UZS 10.2 trillion ($803.8 mn). This figure marks a 20% increase compared to the corresponding period in the previous year.
Despite a slight decline of 5.6% in gas production, with the country producing 7.7 bn cubic meters, there was a noteworthy uptick in gas condensate production. Output rose from 209,300 to 214,700 tonnes, indicating a positive trajectory in this segment of the industry.
Coal production experienced a moderate decline of 3.4%, totalling 659,000 tonnes, while oil production decreased by 7%, reaching 118,500 tonnes. Notably, Uzbekistan's energy policy underwent a significant transformation as plans were unveiled to relinquish state regulation of coal prices. Historically considered a socially important commodity, coal prices were previously subject to state oversight.
Under the previous regulatory framework, wholesale and retail prices for coal were scrutinized and sanctioned by the Interdepartmental Commission on Tariffs under the Cabinet of Ministers at least annually, typically before June 1. The decision to decentralize pricing mechanisms reflects Uzbekistan's commitment to fostering a more dynamic and competitive environment within its mining sector.
Despite a slight decline of 5.6% in gas production, with the country producing 7.7 bn cubic meters, there was a noteworthy uptick in gas condensate production. Output rose from 209,300 to 214,700 tonnes, indicating a positive trajectory in this segment of the industry.
Coal production experienced a moderate decline of 3.4%, totalling 659,000 tonnes, while oil production decreased by 7%, reaching 118,500 tonnes. Notably, Uzbekistan's energy policy underwent a significant transformation as plans were unveiled to relinquish state regulation of coal prices. Historically considered a socially important commodity, coal prices were previously subject to state oversight.
Under the previous regulatory framework, wholesale and retail prices for coal were scrutinized and sanctioned by the Interdepartmental Commission on Tariffs under the Cabinet of Ministers at least annually, typically before June 1. The decision to decentralize pricing mechanisms reflects Uzbekistan's commitment to fostering a more dynamic and competitive environment within its mining sector.
Powered by Froala Editor