The sale price of UNG Petro gas stations network and the Chinaz oil refinery, owned by Uzbekneftegaz, could be at 519 billion soums, (at the average Central Bank exchange rate that month - $42.3 million), according to the company’s consolidated 2023 financial report with the auditor’s conclusion.
The deal took place in November 2023.
According to the report, the net book value of the two assets worth 547 billion soums is 259 billion soums (less liabilities/debt). The difference of 260 billion soums between the carrying value of the net assets of the refinery and the gas stations network and the royalty received at the date of disposal was recognized as non-operating income.
Based on this, the amount of remuneration is 519 billion soums (260+259).
While, in the financial statements the total amount of non-operating income was at 194 billion soums. This may mean that the company recorded losses of 66 billion soums from the sale of other undisclosed assets, or that it did not receive the entire amount at once, that is, payment could be made in installments.
Another financial report states that income from the sale of UNG Petro topped 106.06 billion soums, Chinaz Oil Refinery - 46.12 billion soums (in total - 152.18 billion soums). The document does not indicate whether this is the total amount of payments due for assets or just a part.
In mid-May, an executive of Uzbekneftegaz said that only a network of 69 gas stations was sold for nearly $50 million. However, as follows from the reports, the sum of the two objects is estimated at approximately $42.3 million.
It was reported in early that Petroleum Technology Group, owned by Daniyar Kamilov (son of Abdulaziz Kamilov, former Minister of Foreign Affairs, now Deputy Secretary of the Security Council under president) became the owner of the largest network of gas stations in Uzbekistan, UNG Petro.
The same company became the owner of the Chinaz oil refinery.
The State Asset Management Agency has not yet reported on the details of the transaction (it is not known when, for what amount and under what conditions UNG Petro was privatized, or whether a competition/tender was held).
The investment program for the first quarter of 2024 states that Uzbekneftegaz will build two gas stations in the Bukhara district and the Sergeli district of Tashkent in 2023-2024 for $2.5 million. Thus, the construction of one station can cost $1.25 million (69 gas stations - at least $86 million) without taking into account the cost of land, location of facilities, and brand recognition.
According to the Tax Committee, UNG Petro's turnover in 2023 topped 2.24 trillion soums (about 178 million dollars), which is 20.4% more than in 2022 (1.86 trillion soums). While, the company paid 85.5 billion soums in taxes, which is almost 2 times less than the previous year (156.3 billion soums), since in 2023 the sale of AI-80 gasoline was exempt from excise tax.
