According to the Uzbeki officials, consulting group ?Ernst & Young? is currently implementing the financial auditing of Uzbekneftegaz, and an international firm is being hired to analyze Uzbekistan's legal framework in the oil and gas sector and propose amendments to the legislation.
Uzbekistan, a largely rural nation of 25 million run by authoritarian President Islam Karimov, holds ample reserves of hydrocarbons, non-ferrous and precious metals.
But Uzbekistan is slightly frightens the foreign investors, who are scared by country?s indistinct economic legislation and slow economic reforms.
However, financial analysts say foreign investors would be keen to participate in an eventual Uzbekneftegaz tender if the government allowed them to bid for a majority stake in the company.
Last year Uzbekneftegaz produced 57.48 billion cubic meters of natural gas, 4.39 million tons of crude oil and 2.75 million tons of gas condensate. There are two oil refineries, which produced 1.43 million tons of gasoline and 1.51 million tons of diesel fuel.
