BAKU, Azerbaijan, November 2. Uzbekistan’s state-owned oil and gas company Uzbekneftegaz and global consulting firm McKinsey & Company have discussed developing a long-term corporate strategy to set the company’s future priorities and support sustainable growth at a meeting on Monday, November 2.
According to Uzbekneftegaz, the discussions took place during a meeting between Sukhrob Khamroyev, First Deputy Chairman of Uzbekneftegaz’s Management Board, and Bob Sternfels, McKinsey’s Global Managing Partner.
The parties exchanged views on the ongoing development of Uzbekneftegaz’s long-term strategy, identifying key priorities for its future development and drawing on international industry experience.
Particular attention was paid to defining the company’s strategic objectives amid global changes in the oil and gas industry, making more efficient use of its existing resources and identifying the factors needed to ensure sustainable long-term growth.
In addition, the discussions addressed the importance of aligning the company's development priorities with broader changes in the global energy sector and evolving industry conditions.
McKinsey & Company, founded in 1926, is a global management consulting firm providing strategic and operational advice to businesses and public-sector organizations. Its energy practice works with oil and gas companies on corporate strategy, operational efficiency, digital transformation and long-term growth planning.
Uzbekistan’s oil and gas sector remains a strategically important part of the national economy, playing a key role in ensuring domestic energy supply, supporting industrial production and generating revenue. Natural gas is particularly important for electricity generation, heating and the petrochemical industry, while the sector also provides raw materials for fertilizer, chemical and other manufacturing industries. Amid declining output from some mature fields and growing domestic energy demand, Uzbekistan is seeking to modernize production facilities, improve extraction efficiency, attract foreign investment and expand the development of new hydrocarbon resources.
