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Uzbekneftegaz: Transformation of the company´s business model enters the main phase

Uzbekneftegaz: Transformation of the company´s business model enters the main phase

Tashkent, December 16 - Neftegaz.RU. Uzbekneftegaz moves on to the next, main stage of the company's transformation into a modern, internationally recognized oil and gas company with a high level of transparency and corporate governance culture, setting itself the main goal - development of oil and gas sector of Uzbekistan and full realization of the industry’s existing potential, the company reported on December 13.

According to the Resolution of the Board of Uzbekneftegaz “On measures for further transformation”, in order to implement the tasks set under the Decree of the President of Uzbekistan “On measures for stable provision of economy and population with energy resources, financial recovery and improvement of management system of oil and gas industry”, the Company has established a single coordination office for Uzbekneftegaz transformation.

The Coordination office for transformation has been assigned the following key tasks: enhance   operation performance of Uzbekneftegaz, introduce recommendations of the Asian Development Bank and other international consultants in the field of reformation of the company’s activity and business model, implement modern methods of corporate management, distribute authorities of governing bodies, put in place accounting and financial reporting in accordance with IFRS, establish transparent and uniform personnel policy and international personnel management procedures, improve the company's business processes in order to achieve their efficiency, investment attractiveness and transparency, identify concepts of development and phased introduction of alternative energy sources, as well as develop the company's brand management.

For operation of the Coordination office, the company has made a selection of leading specialists of oil and gas industry of the Republic, and also attracted experts of Asian Development Bank and Ernst&Young.

Uzbekneftegaz has put forward an ambitious task of building a new generation company that will require intensive corporate and technological development.

Uzbekneftegaz will actively pursue its efforts in  searching for and introduction of new technologies to increase production at old fields, involve hard-to-recover reserves, develop opportunities in exploration and production of hydrocarbons, as well as continue to monetize hydrocarbons into readily marketable products with high added value, turning energy of resources into energy for prosperity for the benefit of Uzbekistan population and economy.

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