Uzbekneftegaz in talks to refinance $1.1 billion in loans

Of this amount, $840 million accounts for loans taken by Uzbekistan GTL, while the remaining $260 million relates to the debt of the holding company itself. At the same time, the company is changing the terms of existing financing. Rates on 41 high-interest loans totaling $384 million across nine banks have been reduced, saving about $18 million in interest expenses. According to the company, it previously borrowed from commercial banks in Uzbekistan at an average of 9.5–12% per annum, but now borrows at 7.4–7.5%.

As of September 30, the group's debt was $417 million lower than at the beginning of the year. According to preliminary estimates, the debt leverage ratio dropped to 2.2 compared to 3.1 at the start of 2025, Khamraev said.

In January–September 2026, Uzbekneftegaz and its subordinate organizations produced industrial goods worth 42 trillion soums, fulfilling the target by 105.7% and achieving 6% growth. Exports reached $737 million (151% of the target), and investments totaled $790 million (101%). Uzbekneftegaz's net profit reached 2.9 trillion soums, Uzbekistan GTL earned 3.1 trillion soums (up 24% year-on-year), the Bukhara Oil Refinery generated 1.9 trillion soums, and the Shurtan Gas Chemical Complex posted 1.1 trillion soums. The group transferred 6.9 trillion soums to the state budget, which is 25% higher than last year's figure.

Expenses were reduced by 1.9 trillion soums over the nine months against an annual target of 2.3 trillion soums, with more than 800 billion soums saved on procurement of inventory items. The payroll fund for current staff increased by 21% amid workforce reductions; the company attributed this to two base salary increases since the beginning of the year.