On March 29, “Uzbekneftegaz” acquired a 46.8 percent share in the country’s gas transport system operator, “Uztransgaz,” for 292.8 billion UZS. The information was revealed as significant corporate news on the “Uztransgaz” website, to which economist Otabek Bakirov drew attention.
According to him, the transaction could have been carried out off-exchange; the shares were sold at a nominal value of 1000 UZS each.
Two days after the transaction, on April 1, “Uzbekneftegaz” introduced changes to a valuation deal of “Uztransgaz” shares with “Uz-Kor Gas Chemical” LLC JV and “KPMG Valuation and Consulting” LLC, for evaluating one ordinary share of “Uztransgaz” JSC.
As Bakirov noted, this transaction between “Uzbekneftegaz” and “Uztransgaz” might be a part of another deal that took place on April 3. As per that deal, involving Uz-Kor Gas Chemical, “Uztransgaz,” and “Uzbekneftegaz” under a Gas Sales Debt Agreement, a primary agreement of gas debt, debt transfer to another individual, and securities transfer agreements were signed. According to these agreements, “Uzbekneftegaz” became the purchaser of debt exceeding 10 trillion UZS, which they took upon themselves.
The economist labeled the transaction, where “Uzbekneftegaz” gave up the debts of “Uztransgaz” and became its shareholder, as a “strange deal.”
“It is impossible to determine how Uz-Kor Gas Chemical benefits from this strange deal without additional documents. Uz-Kor Gas Chemical does not disclose its details as an LLC. Interestingly, on the same day, “Uzbekneftegaz” signed another supplementary agreement with Uz-Kor Gas Chemical LLC concerning a 2012 agreement (the contents of which are unknown),” he wrote.
According to unofficial reports referenced by Bakirov, it is possible that the stake in “Uztransgaz” obtained by “Uzbekneftegaz” in exchange for the debt and some other shares might have been transferred to a trust management.
Kun.uz has sent inquiries to responsible agencies regarding “Uzbekneftegaz” purchasing shares in “Uztransgaz.”
For your information, “Uztransgaz” was part of “Uzbekneftegaz” until 2019. That year, a presidential decision established the Ministry of Energy, resulting in structural changes within the energy system.
“Uz-Kor Gas Chemical” LLC owns one of the largest fields in Uzbekistan, the Surgil field. The company is 50 percent owned by “Uzbekneftegaz” and 50 percent by a consortium of Korean companies.
