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Uzbekneftegaz and Uzbekistan Airways will be privatized, airports will be transferred to private owners

Uzbekneftegaz, Thermal Power Plants and Uzbekistan Airways are scheduled to be privatized. In addition, UzAuto Motors and transfer airports in Tashkent and in the regions will sell shares and be passed under the control of the private sector. The Road Committee will be reformed with the withdrawal of contracting and manufacturing enterprises.

On April 8, President of Uzbekistan Shavkat Mirziyoyev signed a decree “On the next reforms to create conditions for stable economic growth by improving the business environment and developing the private sector.”

By the document, with the involvement of an experienced investment bank by May 1, it is planned to begin work on the privatization of Uzbekneftegaz by the end of the year, including through a public offering of shares (IPO) in the amount of at least 49%. Similar work is planned for the state share of 51% or more in Thermal Power Plants.

By September 1, on the basis of the conclusions of an international consulting company, it was instructed to submit for approval to the Cabinet of Ministers a strategy for reforming the Uzbekhydroenergo company. It is envisaged that in the process of building new small and medium-sized hydroelectric power plants, projects with the participation of the private sector, including those based on public-private partnerships, will now be considered a priority.

By September 1, it is planned to begin work on putting up for auction a state share of 51% or more in Uzbekistan Airways, including through an IPO.

By August 1, with the involvement of an international investment bank and consultants, it was instructed to conduct an IPO on the local stock market up to a 10% stake in UzAuto Motors and submit to the government a strategy for selling the rest of this company’s share to strategic investors, as well as UzAuto Motors Powertrain and Samarkand Automobile Plant (SamAuto).

Within two months, it was instructed to prepare a draft resolution on the transfer of regional international airports subordinate to Uzbekistan Airports and Tashkent International Airport to the management of the private sector on the basis of PPP conditions to modernize and increase their operational efficiency. At the same time, measures should be provided for “the effective operation of airports in the Ferghana Valley by optimizing them.”

A special working group will be engaged in reforming the Committee on Highways. It must, within two months, submit a draft resolution on reforming the committee by removing contracting and manufacturing enterprises from its composition for a specific delineation of regulatory and economic functions, demonopolization, attracting private sector enterprises and increasing the efficiency of using budget funds.

By September 1, it was also instructed to develop and submit for approval to the supervisory boards the strategies for reforming the companies Uzbektelecom and Uzbekiston pochtasi.