07 April 2020

Uzbekistan to allocate $650 million to oil and gas production

President Shavkat Mirziyoyev signed a decree “On Priority Measures to Increase the Financial Stability of the Oil and Gas Industry”.

The document involves attracting credit funds from the Silk Road Fund (China) and foreign commercial banks in the amount of $250 million, as well as $400 million from export credit agencies, to further finance the program of increasing production of fossil fuels.

Until September 1, a proposal will be submitted to the Cabinet of Ministers with the involvement of international experts on the creation of a wholesale electricity and natural gas market based on exchange trading, providing for equal access to all participants and a transparent pricing mechanism.

From May 1, 2020:

state regulation of retail prices of AI-80 motor gasoline and diesel fuel is canceled;

Oil refineries selling AI-80 motor gasoline and diesel fuel (including ECO brand) are sold exclusively through exchange trading.