Uzbekneftegaz has launched a transformation program with the support of the Boston Consulting Group (BCG), Kun.uz correspondent reports.

“With the assistance of international consulting companies, the concept of long-term development of the oil and gas industry is being developed. In particular, jointly with BCG, the implementation of the program of comprehensive transformation of Uzbekneftegaz JSC and its structural divisions has begun,” Bahodirjon Sidikov, chairman of the board of Uzbekneftegaz, said at the international conference OGU-2019.

According to him, the result of this program should be the introduction of “a qualitatively new corporate governance system in the oil and gas industry aimed at increasing operational and investment efficiency, as well as ensuring the transparency of activities and creating an understandable mechanism and conditions for foreign investors.”

“In the near and medium term, the company will work to introduce best practices and technologies to stimulate hydrocarbon production, as well as to transform financial reporting with the transition to international standards by the end of this year,” the head of the company added.