Former Jizzakh Petroleum received a license to manage investment assets

Sanoat Energetika Guruhi (operating under the Jizzakh Petroleum brand) has received a license to trust assets in the securities market. This was reported in the Ministry of Finance.

The company applied for the document on May 24. The ministry considered the application in the prescribed manner and decided to satisfy it, the report says.

Trust management  is the transfer of the function of managing an enterprise to a business entity in the interests of the state. This means market management based on market relations, as well as independently of the influence of state bodies.

According to the Ministry of Finance, there are currently 40 companies operating on the stock market with licenses for trust management of investment assets. There are also 50 licensed investment intermediaries (brokers) and 54 investment consultants in Uzbekistan.

Sanoat Energetika Guruhi also has experience as a trustee. The company took control of the Fergana Oil Refinery before buying it for $100 million.

Who owns Jizzakh Petroleum now?

The Jizzakh Petroleum JV was established in June 2017 by Uzbekneftegaz and Gazprom’s subsidiary Gas Project Development Central Asia. Initially, the Uzbek side owned a share of 60%, the Russian – 40%. In the future, it was planned to increase the share of foreign investors.

After several redistributions, at the beginning of 2021, Uzbekneftegaz owned 49% in the enterprise, Gas Project Development Central Asia – 2%. Another 49% was owned by the Cypriot offshore Belvor Holding Limited.

At the end of October 2021, Uzbekneftegaz withdrew from the founders of the joint venture, transferring its share to Belvor Holding. Now Cyprus offshore owns 98% of Jizzakh Petroleum.