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Uzbekneftegaz JSC has begun systematic work aimed at fully ensuring the rights and interests of its founders in joint ventures in which it has a stake, as well as increasing production and financial efficiency.
Under the chairmanship of Abdugani Sanginov, Chairman of the Board of Uzbekneftegaz JSC, the activities of the joint ventures Natural Gas-Stream, New Silk Road Oil and Gas and ANDIJANPETRO were critically and analytically discussed.
Preliminary analyses showed that there are a number of systemic problems related to management, accountability and financial discipline in the activities of joint ventures. In particular, it was noted that business processes in some enterprises are not sufficiently regulated, transparency in accounting and financial reporting is not ensured, and accountability mechanisms to Uzbekneftegaz JSC have not been fully established.
As a result, there have been issues such as a year-on-year decrease in production volumes, questions about the effective use of investment funds, lack of financial stability, and incomplete fulfillment of obligations regarding dividend payments.
It was noted that the lack of proper control over the activities of enterprises by the founder until now has exacerbated the existing problems.
The management of Uzbekneftegaz has clearly stated that such an approach will not be allowed in the future. From now on, the activities of each joint venture in which the Company has a stake require strict adherence to the principles of corporate governance, full protection of the rights and interests of the founder, and transparent control of financial and production indicators.
In particular, the production capacities of enterprises, the effectiveness of geological exploration work, and geological and technical activities will be re-analyzed.
Measures were also determined to register existing debts from Uzbekneftegaz JSC, digitalize the system for controlling financial flows and purchases.
Each event, investment project and work process planned in joint ventures will be coordinated with Uzbekneftegaz JSC. It was determined that the necessity, economic efficiency and cost of each event will be thoroughly analyzed and implemented after obtaining the consent of the Company.
In particular, the financial condition and dividend policy of enterprises in which the Company has a stake were reviewed, and the tasks of full and timely payment of dividend payments for 2025-2026, elimination of existing debts and systematic monitoring of the fulfillment of future obligations were determined.
This is intended to prevent the purposeless or ineffective use of funds, and to establish effective control over each expense and decision.
The goal is to transform joint ventures into efficiently managed, financially stable, profitable enterprises with growing production indicators and net profit.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
