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Uzbekneftegaz stands out with substantial revenue boost

TASHKENT: The oil and gas business Uzbekneftegaz (Uzbekistan's oil and gas company) earned 27.44 trillion Uzbek soums ($2.2 billion) last year, up 11.4 percent from 2022 , Trend reports. According to the company, revenue growth was driven by an increase in natural gas tariffs from November 2023 and an increase in production at the 'Uzbekistan GTL' plant compared to 2022. An indicator equal to the volume of profit before interest, taxes, depreciation, and amortization (EBITDA), reflecting the group's operating profitability, increased to 13.5 trillion Uzbek soums ($1 billion), which is 21 percent higher than in 2022 (11.14 trillion soums, or $890 million). Revenue from Uzbekistan GTL rose to 3.06 trillion soums ($244 million), boosting EBITDA. Furthermore, the company took measures to stabilize the cost of production and achieve significant EBITDA growth of 2.35 trillion soums ($187 million) compared to 2022, which was also noted in the first half of 2024. Meanwhile, natural gas accounts for the majority of the company's production output. Uzbekneftegaz generated 6.9 billion cubic meters of natural gas during the first quarter of 2024. Source: Trend News Agency