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Plans to increase natural gas production and transform the industry have been reviewed.

President Shavkat Mirziyoyev reviewed a presentation on the further objectives and plans of the joint-stock company “Uzbekneftegaz”.

Ensuring energy security and uninterrupted supply of energy resources to sectors of the economy is one of the key factors of the country’s development. In this regard, special attention is paid to increasing productivity, the widespread introduction of modern technologies, and strengthening geological exploration in the gas sector.

During the presentation, it was emphasized that the main task of “Uzbekneftegaz” JSC is to increase natural gas reserves and production volumes. It was noted that the company needs to take measures to increase daily gas production from 66 million cubic meters to 70 million cubic meters and to produce at least 25.4 billion cubic meters of gas this year.

Proposals on utilizing existing capacities were reviewed.

It was emphasized that in order to increase gas reserves, it is necessary to form new promising investment blocks, as well as accelerate work and improve efficiency at certain sites provided to investors.

It was noted that naphtha production capacities are currently utilized at 70 percent, while products are exported at prices 50 percent lower. Considering that processing naphtha into polymer products increases added value by six times, instructions were given to ensure full utilization of existing capacities.

In addition, measures to improve the financial condition of “Uzbekneftegaz” were discussed.

At the meeting, special attention was paid to issues of combating theft and corruption in the oil and gas sector.

To prevent corruption risks, a separate position of Deputy Chairman has been introduced within the company’s structure, and a compliance and internal anti-corruption control service has been established. The task was set to form an effective system in the sector for the prompt detection and prevention of any violations of the law.

The President gave relevant instructions to responsible officials on deepening transformation in the oil and gas sector, increasing gas reserves and production volumes, as well as strengthening financial discipline.

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