BAKU, Azerbaijan, October 20. Uzbekistan’s
state-owned oil and gas company Uzbekneftegaz reported a 10%
increase in revenue to $3 billion over the 12 months ended June 30,
2026, at a meeting with Fitch Ratings and S&P Global Ratings on
October 19 in London.


This was reflected in the statement by Uzbekneftegaz, following
meetings between a delegation led by First Deputy Chairman of the
Board Sukhrob Khamroyev and analysts from Fitch Ratings and S&P
Global Ratings in London. Khurshid Mustafayev, deputy minister of
economy and finance responsible for the oil and gas sector, joined
the discussions online.


The meetings were part of regular consultations with the rating
agencies. Uzbekneftegaz aims to raise its credit ratings to
sovereign levels and maintain them, while monitoring financial
indicators in line with the agencies’ methodologies.


In 2025, Fitch Ratings upgraded Uzbekneftegaz’s rating to BB,
while S&P Global Ratings raised it to BB-. Both agencies
assigned stable outlooks.


During the London meetings, the company presented the results of
its ongoing transformation, including improvements in corporate
governance and financial performance.


As of June 30, 2026, earnings before interest, taxes,
depreciation and amortization (EBITDA) reached $1.5 billion over
the preceding 12 months, according to the company. The figures are
supported by financial statements reviewed by independent
auditors.







Uzbekneftegaz attributed its financial stability to government
support, amounting to about $1 billion in 2026, and the
diversification of revenue sources. Its net debt-to-EBITDA ratio
declined from 3.1 times to 2.2 times.


Moreover, the company reported improvements in its debt
structure through refinancing, sufficient headroom under loan
covenants and stronger liquidity.


The discussions covered measures to stabilize natural gas
production and progress in environmental, social and governance
(ESG) reporting. These included the company's first international
ESG rating and its first climate report prepared in accordance with
International Sustainability Standards Board (ISSB) standards.


Uzbekneftegaz said it would continue working closely with both
agencies as they review its credit ratings.