Additional features
-
Night mode
Former Foreign Minister's son acquires major oil assets in Uzbekistan
The network of gasoline stations of Uzbekneftegaz and the Chinaz oil refinery were reportedly sold for 453 billion UZS. Based on an agreement signed in November 2023, the assets were transferred to the ownership of Petroleum Technology Group LLC.

Photo: Kun.uz
UNG Petro's network of gas stations and the Chinaz oil refinery were probably sold in November 2023 for 453 billion UZS (or 519 billion UZS). This information is mentioned in Uzbekneftegaz's report based on international standards.
"According to the financial report, the net balance value of the two assets, totaling 547 billion UZS, was 259 billion UZS at the time of alienation. Uzbekneftegaz recorded 194 billion UZS in non-operational income from this scheme.
Thus, the UNG Petro gas station network and the Chinaz oil refinery were sold for 453 billion UZS (assuming VAT was not paid, and it is unknown whether the payment was made in full). According to the report's explanation, the non-operational income recognized from this scheme was 260 billion UZS," wrote economist Otabek Bakirov.
He added that in its separate financial report, Uzbekneftegaz noted that 152.18 billion UZS in non-operational income was derived from the sale of these assets.
"It's difficult to say whether this recognized income pertains to the total amount of the transaction or just a part of it. There is also a possibility that the UNG Petro gas station network and the Chinaz oil refinery were sold under installment payment conditions (although this is a very important fact, the auditor remained silent on this matter). This is not clarified in the consolidated report either.
The exact amount of the transaction can only be speculated," concluded Otabek Bakirov.
It is worth noting that these assets were transferred to the ownership of Petroleum Technology Group LLC. This LLC is owned by Doniyor Komilov, the son of former Foreign Minister Abdulaziz Komilov.
There has been no official comment on this privatization process so far.
Earlier, the investment program approved by a Cabinet of Ministers decision included the sale of the Chinaz oil refinery, gas stations, and equipment in oil fields belonging to Uzbekneftegaz, with these three assets valued at a total of $70 million.
Recommended
List of streets and intersections being repaired in Tashkent published
SOCIETY | 19:12 / 16.05.2024
Uzbekistan's flag flies high on Oceania's tallest volcano
SOCIETY | 17:54 / 15.05.2024
New tariffs to be introduced in Tashkent public transport
SOCIETY | 14:55 / 05.05.2023
Onix and Tracker cars withdrawn from sale
BUSINESS | 10:20 / 05.05.2023
Latest news
-
Uzbekistanās population reaches 37.7 million: Men slightly outnumber women
POLITICS | 14:06
-
EU commits to long-term cooperation with Central Asia on transport, energy, and innovation
POLITICS | 14:03
-
Investigation closed: Authorities deny torture after man taken for interrogation dies in custody
SOCIETY | 13:10
-
Greenery disappears as road expands: Tree uprooting in Boysun sparks public outcry
SOCIETY | 13:08
Related News

15:06 / 28.03.2025
Bukhara oil refinery fined for market manipulation, Competition Committee keeps figures secret

15:18 / 27.03.2025
Uzbekistanās gas and electricity output declines as production struggles continue

11:21 / 11.03.2025
Private firm in Bukhara region illegally sells 430 tons of AI-80 gasoline

20:42 / 06.03.2025