Preparations to privatize Uzbekistan GTL, one of the largest fuel-producing plants in Uzbekistan, have begun, State Assets Management Agency Director Sokhibjon Murodov said at a news conference in Tashkent Thursday.
Asked about the plant’s status under a 2025 presidential decree that calls for its privatization, Murodov said a concept for the sale exists, but the decree’s timeline does not mean the plant will be sold by that date.
“It means work toward privatization will start by that date,” he said. The plant’s financial and business operations will be audited, and factors that could hurt its output and finances will be examined, he said. The impact on the economy, suppliers and buyers will be analyzed after privatization.
Murodov said work has also begun on an initial public offering (IPO) for the company.
Several major international organizations have expressed interest in the first IPO, he said.
“They approached us and said, ‘When will you hold the IPO? We want to take part.’ That’s a good signal for us,” he said, adding that smaller investors would likely also want to buy shares.
Murodov said he does not have direct information on the company’s financial performance but that the agency is ready to provide it.
Background: Uzbekistan GTL was commissioned in December 2021. It can process 3.6 billion cubic meters of natural gas a year, producing 307,000 tonnes of jet fuel, 724,000 tonnes of diesel, 437,000 tonnes of naphtha and 53,000 tonnes of liquefied gas.
Building the plant cost $3.42 billion, including $2.3 billion in foreign loans under a state guarantee. Outstanding principal debt stood at $838.2 million as of June 16, 2026, according to the company’s website. Lenders include banks from China, South Korea and Russia.
