Uzbekistan’s state-owned oil and gas company Uzbekneftegaz has signed a long-term cooperation agreement with US-based Cargill to strengthen Uzbekistan’s energy security.
The agreement was signed by UNG Overseas, the international trade and investment subsidiary of Uzbekneftegaz, and Cargill.
As per the agreement, the two companies have agreed to attract long-term financing of up to $3bn, with the possibility of increasing the total to $5bn.
The financing aims to enhance Uzbekistan’s energy security, improve resource sustainability and support the country’s sustainable development initiatives.
It will be directed towards projects that improve the reliability, efficiency and sustainability of Uzbekistan’s energy, water management and ecological systems.
This deal is also expected to address the growing energy consumption in Uzbekistan, the impact of climate change and the need for industrial modernisation.
UNG Overseas will coordinate strategic activities with global partners, while Cargill will offer practical solutions, leveraging its global expertise in structured financing.
In addition to long-term energy sustainability, the partnership is expected to facilitate the mobilisation of international investment in Uzbekistan’s priority sectors.
Based in the United Arab Emirates, UNG Overseas connects Uzbekistan’s energy sector with global markets. It is focused on trading, investment and partnerships across oil, gas and petrochemicals.
In October this year, Uzbekistan announced a series of new energy sector agreements with US companies, with a combined value exceeding $4bn.
The government formalised multiple deals with US-based industrial gases company Air Products to advance Uzbekistan’s greener energy transition.
Air Products will advance the construction of a petrochemical complex in Bukhara and support the development of coal gasification and refining of clean jet fuel.
In 2023, Air Products signed a $1bn deal to purchase, own and operate a natural gas-to-syngas processing unit in Uzbekistan.
