The Cabinet of Ministers issued the Measures to Efficiently Use Oil and Gas Industry Assets Resolution paving the way for privatization of unused and non-core assets of the state-owned oil and gas firms through public auctions.
The decision was made based on the proposals of JSC Uzbekneftegaz, its subsidiaries, the Committee for competition, the Karakalpakstan Council of Ministers and governors.
156 assets located in Karakalpakstan, provinces and Tashkent city will be put for sale.
If not sold within three months from the date of placement, the assets will be sold on installments during a ten-year period, with an advance payment of at least 15 percent.
If the assets were leased prior to the adoption of this resolution, the lessee shall have the pre-emptive right to buy it.
