Baku, Azerbaijan, May 15

By Fakhri Vakilov – Trend:

Uzbekneftegaz company may issue first Eurobonds on the international market in the amount of $1 billion in the middle of 2020, Trend reports citing Uzbek media.

The chairman of the board of the company Bahodirjon Sidikov announced this during the international exhibition Oil & Gas Uzbekistan.

He said that the process of transformation of Uzbekneftegaz is currently underway. In particular, by the end of this year, the company plans to fully switch to international financial reporting standards.

“As soon as we finish the transformation, we will be ready. I hope we will be the first in Uzbekistan to enter the international market,” Sidikov added.

In February, Timur Ishmetov, first deputy chairman of Uzbek Central Bank, said that state-owned companies and banks in Uzbekistan could enter international bond markets no earlier than 2020, because they have to complete the restructuring and switch to international reporting first.

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