TASHKENT -- Energy-rich Uzbekistan announced on Friday (July 12) that it plans to sell off a stake in its state energy company as the Central Asian country seeks to attract foreign investment in a sector long shrouded in secrecy.
Uzbekneftegaz is looking to sell off as much as 49% of its shares by 2024 as part of a restructuring ordered by President Shavkat Mirziyoyev, Uzbekistan's Energy Ministry said in a statement.
"Measures are to be taken to attract investment in Uzbekneftegaz by primary and secondary public placement" of the shares, the ministry said.
The restructuring will result in Uztranzgas, the company that runs the transportation of oil and gas in the country, being split off from Uzbekneftegaz.
The move is necessary to meet domestic and international energy needs and to lure investment, the Energy Ministry said.
Uzbekistan has enough hydrocarbon reserves for the next 20 to 30 years, Uzbekneftegaz Chairman Bahodirjon Sidikov said on Friday.