Uzbekneftegaz, Japan's MUFG Bank sign agreement on financing projects

Uzbekneftegaz (Uzbekistan's state oil and gas company) and Japan's MUFG Bank Ltd. signed a preliminary agreement on financing investment projects and purchases, Azernews reports.

According to Uzbekneftegaz, the document provides for financing by MUFG Bank Ltd for purchases under insurance coverage.

During the meeting, the sides discussed the issues of further expansion and bringing the existing cooperation to a new level.

Meanwhile, natural gas accounts for the majority of the company's production output. Uzbekneftegaz generated 6.9 billion cubic meters of natural gas during the first quarter of 2024.

Exports were worth $158.5 million, while imports totaled $189.4 million during the same time period.

Uzbekneftegaz's net profit was 8.1 billion soums ($640,101) in the first quarter of 2024. During this era, revenues totaled 3.4 trillion soums ($268.6 million). Between January and March 2024, expenditures were 3.39 trillion soums ($267.8 million).