Preparation for the privatization of the Uzbekistan GTL plant has begun — a concept has been developed for the enterprise. This was announced on October 8 at a press conference by the director of the Agency for Management of State Assets Sokhibjon Murodov.

What is being done now

  • audit of financial and economic activities is underway;
  • factors negatively affecting operations and financial condition are being eliminated;
  • consequences of privatization for the economy, partners, suppliers and customers are being analyzed.

In parallel, work on IPO preparation has begun.

Interest from international investors

According to the agency head, major international organizations have already inquired about placement timelines.

«This is a good signal for us. If we go public with an IPO, there will be those willing to acquire small GTL share packages,» noted Murodov.

The wording is significant: it concerns the possibility of retail investor participation, not just sale to a strategic buyer.

Financial results not yet disclosed

Current enterprise results were not announced at the press conference. The agency plans to publish this information separately through its official channels.

This is a key gap for evaluation. The plant has had a complex production history: it reached full design capacity only four years after startup, facing systemic issues and accidents.

About the enterprise

Production was launched in December 2021 after five years of construction. The plant converts natural gas into aviation fuel, diesel fuel, liquefied gas, naphtha and other products.

Timeline of capacity development: in-house hydrogen production launched in February 2022, synthetic oil and diesel output in summer of the same year, aviation fuel in September.

The producer reduced diesel fuel prices five times — totaling nearly 35% from the initial price.

Privatization program context

A decree on privatization of major enterprises with state participation on international markets was signed in April 2025. Among them — 100% state stake in Uzbekistan GTL with public auction announcement in Q2 2026.

At the same press conference, the agency stated it does not currently plan to re-privatize the Fergana Refinery — a short-term strategy has been developed for the plant and financial recovery measures implemented.

What this means for investors

A major industrial asset's public market debut would expand the range of issuers on the local exchange. However, assessing prospects before financial disclosure is premature.

Key questions: production profitability at current product prices, debt burden and placement format — international platform or local.

You can track new issuers and share prices of currently trading companies through exchange data.

This material is for information purposes only and is not an investment recommendation.