01
International Commodity Trading
Centralised execution of crude oil, gas condensate, naphtha, refined products, and petrochemical export and import transactions on behalf of Uzbekneftegaz subsidiaries.
About
About UNG Overseas
UNG Overseas is a wholly-owned subsidiary of JSC Uzbekneftegaz, registered in the Abu Dhabi Global Market (ADGM). We serve as the international energy trading platform, structured finance arranger, and capital markets interface for Uzbekistan's largest oil and gas company.
Contents
Corporate Overview
This section provides an institutional overview of UNG Overseas, including mandate, governance architecture, compliance posture, and operating leadership.
01About UNG Overseas02CEO Message03Five Operating Pillars04Commodity Flow Architecture05Revenue Architecture & Capital Deployment06Corporate Governance07Principal Risk Categories08Structural Advantages09ESG & Sustainability10Institutional Partnerships11Funding Architecture by Time Horizon12Strategic Priorities
About UNG Overseas
UNG Overseas is a special-purpose entity incorporated in the Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, United Arab Emirates. The company operates as a wholly-owned subsidiary of JSC Uzbekneftegaz, the national oil and gas holding company of the Republic of Uzbekistan.
Established to serve as Uzbekneftegaz's principal international interface for capital markets, commodity trading, and cross-border structured finance, UNG Overseas operates under the regulatory framework of ADGM. Its ADGM domicile provides access to English common law, internationally recognised dispute resolution mechanisms, and a regulatory environment aligned with global financial market standards.
The entity was created to provide a dedicated, ring-fenced platform capable of executing complex international transactions, mobilising capital from global financial institutions, and managing cross-border commodity flows on behalf of the wider Uzbekneftegaz group.
Legal Name
UNG Overseas
Jurisdiction
Abu Dhabi Global Market (ADGM)
United Arab Emirates
Ownership
100% JSC Uzbekneftegaz
Republic of Uzbekistan
Mandate
International capital markets access, commodity trading, structured finance, and strategic partnership development for JSC Uzbekneftegaz.
03 - Strategic Mandate
Five Operating Pillars
02
Structured Trade Finance
Arrangement and management of letters of credit, trade finance facilities, and documentary credit instruments to support cross-border commodity movements.
03
Prepayment & Pre-Export Facilities
Structuring of commodity-backed financing instruments, including prepayment agreements and pre-export finance facilities collateralised against future hydrocarbon deliveries.
04
Project Financing & Drilling Program Funding
Mobilisation of capital for upstream exploration and production programmes, refinery upgrades, and infrastructure development through structured project finance vehicles.
05
International Partnership Platform
Development of co-investment frameworks, joint venture structures, and strategic cooperation agreements with international oil companies, national oil companies, and financial institutions.
Capital Flow Model
International Banks & Capital Markets
Syndicated loans, bonds, prepayment facilities
↓
UNG Overseas
(ADGM Platform)
Structuring, treasury, risk management
↓
JSC Uzbekneftegaz
& Subsidiaries
On-lending, project finance allocation
↓
Upstream & Downstream Capital Deployment
Drilling, refining, infrastructure
03 - Strategic Mandate (Continued)
Commodity Flow Architecture
Physical Commodity Flow Model
Import Procurement Flow
Uzbekneftegaz Production Assets
Crude · Condensate · Gas
↓
UNG Overseas Trading Desk
Pricing · Hedging · Logistics
↓
International Offtakers
Traders · Refiners · End-users
↓
International Suppliers
Crude · Naphtha · Gasoil
↓
UNG Overseas Procurement
LC · Payment · Insurance
↓
Uzbekistan Refineries
Bukhara · Shurtan GTL · Fergana
Centralization Rationale
Consolidating international commodity transactions through a single, well-governed platform eliminates fragmentation across multiple subsidiary entities. This model enables standardized counterparty documentation, centralized credit risk management, and integrated treasury operations, reducing aggregate financing costs and improving commercial terms with international counterparties.
Jurisdictional Advantage
ADGM's regulatory architecture, including English common law, arbitration access, and robust supervisory oversight, provides international banks and trading houses with a familiar legal framework. This materially reduces perceived jurisdictional risk and supports documentation of complex cross-border transactions under internationally recognized governing law.
04 - Business Model
Revenue Architecture & Capital Deployment
Revenue Streams
Commodity Trading Margin
Net margin earned on physical commodity transactions executed on behalf of Uzbekneftegaz subsidiaries, including export sales and import procurement. Margins are derived from spread capture between sourcing price and delivery price, net of logistics and hedging costs.
Structured Finance Arrangement Fees
Fees earned from the arrangement, structuring, and syndication of prepayment facilities, pre-export finance, project finance, and capital markets instruments on behalf of the parent group.
Treasury & Intercompany Lending Spread
Interest income generated from on-lending internationally sourced capital to Uzbekneftegaz operating entities at market-referenced transfer pricing rates, net of the entity's own cost of funds.
Advisory & Partnership Facilitation
Revenue from the facilitation of joint ventures, co-investment structures, and strategic partnerships between Uzbekneftegaz subsidiaries and international counterparties.
Capital Deployment Model
UNG Overseas does not hold physical production assets. Capital raised through international markets is deployed exclusively through Uzbekneftegaz subsidiaries via structured intercompany lending agreements and project-specific financing vehicles.
Deployment Hierarchy
Priority
Category
Instrument
1
Working Capital
Trade finance, LC facilities
2
Production Support
Drilling program loans
3
Refinery Feedstock
Prepayment, import finance
4
Infrastructure
Project finance, ECA-backed
5
Strategic Initiatives
JV equity, co-investment
All capital deployment decisions are subject to the entity's investment approval framework, with mandatory credit assessment, risk committee review, and threshold-based escalation to shareholder governance.
04 - Business Model (Continued)
Risk Allocation & Value Creation
Risk Allocation Framework
UNG Overseas operates a defined risk allocation model that delineates responsibilities between the platform entity and Uzbekneftegaz operating subsidiaries. This framework ensures that risks are borne by the entities best positioned to manage them.
Risk Category
UNG Overseas
Subsidiary
Commodity price
Hedging execution
Residual exposure
Counterparty credit
Primary assessment
—
FX translation
Treasury management
Local currency
Operational / delivery
Documentation
Physical logistics
Regulatory compliance
ADGM / AML
Local jurisdiction
Financing cost
Market-rate sourcing
Transfer price
Value Creation Mechanics
UNG Overseas creates value through four principal mechanisms, each of which generates measurable economic benefit for the consolidated Uzbekneftegaz group.
Cost of Capital Reduction
Access to international capital markets at rates materially below domestic borrowing costs, achieved through ADGM jurisdiction, structured credit enhancement, and diversified lender relationships.
Procurement Optimization
Consolidated purchasing power for petroleum product imports, drilling equipment, and technical services, enabling competitive tendering and volume-based pricing advantages.
Revenue Maximization
Professionalized commodity marketing with access to international pricing benchmarks, multiple offtake counterparties, and optimized cargo allocation to highest-value destinations.
Institutional Credibility
A well-governed, independently audited ADGM entity enhances the creditworthiness of the broader group, supporting improved terms across all international financial relationships.
05 - Structured Finance Capabilities
Financing Instruments & Structuring Expertise
Prepayment Facilities
Commodity-backedAdvance payment structures secured against committed future deliveries of crude oil, condensate, or refined products. Facilities are structured with agreed delivery schedules, pricing mechanisms referenced to international benchmarks, and credit enhancement through assignment of receivables.
Pre-Export Finance
Receivables-backedFinancing arranged against anticipated proceeds of future commodity exports. Structures typically involve assignment of export contracts and receivables to the lending syndicate, with repayment sourced from designated collection accounts.
Syndicated Loan Facilities
Multi-lenderBilateral and syndicated credit facilities arranged through international banking relationships. Facility types include revolving credit, term loans, and bridge structures documented under internationally recognized financing standards.
Vendor & ECA-Backed Financing
Equipment-linkedSupplier credit and export credit agency (ECA) supported financing for drilling rigs, refinery equipment, and technical infrastructure, enabling longer tenors and more competitive pricing.
Islamic Finance Instruments
Shariah-compliantCapability to structure Sukuk and related Shariah-compliant instruments for placement with Islamic financial institutions and sovereign wealth investors, supported by ADGM's recognized legal framework.
Panda Bonds & CNY Markets
RMB-denominatedStructured access to Chinese onshore debt markets through Panda bond issuance, diversifying the group's funding base into renminbi-denominated instruments and supporting bilateral financing links.
Hedging & Risk Mitigation
DerivativesExecution of commodity and FX hedging strategies through swap, option, and collar structures under documented counterparty frameworks, aligned with approved board-level risk parameters.
Capital Markets Issuance
Bond / NoteMedium-term note and standalone bond issuance capability for institutional investors across conventional and Islamic markets, with currency flexibility based on funding strategy and investor demand.
05 - Structured Finance Capabilities (Continued)
Transaction Structuring Architecture
Illustrative Prepayment Facility Structure
Lending Syndicate
↓
UNG Overseas
Borrower / Buyer
↓
Uzbekneftegaz Subsidiary
↓
UNG Overseas
Title Holder
↓
International Offtaker
← Prepayment and sales proceeds routed through designated collection account back to lending syndicate →
Structuring Parameters by Instrument
Instrument
Typical Tenor
Security Package
Pricing Reference
Documentation
Prepayment
12–36 months
Commodity deliveries, collection account
SOFR + margin
English law, bespoke
Pre-export finance
24–60 months
Export receivables assignment
SOFR + margin
English law, LMA-based
Syndicated RCF
12–36 months
Parent guarantee, negative pledge
SOFR + margin
LMA standard
Sukuk (Wakala)
36–60 months
Asset pool, Wakala structure
Fixed profit rate
AAOIFI-compliant
Panda bond
36–60 months
Group guarantee
CNY fixed coupon
PRC securities law
ECA-backed
60–120 months
Equipment lien, ECA cover
CIRR or commercial
Bespoke, OECD consensus
Counterparty Diversification
Lender and investor base diversified across geographic regions, institution types, and currency denominations to reduce concentration risk and maintain competitive pricing tension.
Execution Approach
Financing mandates executed with internationally recognized legal counsel and independent technical advisors. Documentation standardized where practicable to reduce execution timelines.
06 - Governance & Control Framework
Institutional Control Architecture
UNG Overseas maintains a governance and internal control framework designed to satisfy the expectations of international financial institutions, rating agencies, and regulatory authorities. The framework is structured around segregation of duties, defined decision thresholds, and multi-tier approval processes.
Investment Approval Framework
All capital commitments, financing arrangements, and material transactions are subject to a structured investment approval process. Decision authority is tiered by transaction value, with escalation to shareholder governance for commitments exceeding defined thresholds.
Risk Committee Function
A dedicated risk oversight function reviews material exposures, including commodity price risk, counterparty credit risk, and liquidity positions. The committee establishes risk appetite parameters and escalates breaches through defined reporting lines.
Internal Control Architecture
The entity maintains segregation between origination, execution, settlement, and accounting functions. Transaction processing follows a maker-checker protocol with independent verification at each stage.
Compliance & AML Framework
UNG Overseas operates a compliance programme aligned with ADGM Anti-Money Laundering and Sanctions regulations. The programme includes counterparty due diligence (KYC/KYB), sanctions screening, ongoing monitoring, and suspicious activity reporting.
ADGM Regulatory Alignment
The entity operates under the full regulatory perimeter of ADGM, including periodic reporting obligations, conduct standards, and regulatory filings submitted within prescribed timelines.
External Audit Standards
Financial statements are prepared in accordance with IFRS and audited annually by an internationally recognized audit firm. Audit scope includes financial reporting, controls, and compliance with applicable regulatory requirements.
Segregation of Duties
Functional separation is maintained across trading, treasury, operations, finance, legal, and compliance. No individual has unilateral authority to originate, approve, and settle a transaction.
06 - Governance & Control Framework (Continued)
Decision Thresholds & Escalation Architecture
Approval Authority Matrix
Decision Type
Tier 1: Management
Tier 2: CEO
Tier 3: Shareholder
Commodity transactions
Within approved programme
Exceeding programme limits
New product / market entry
Financing commitments
Below defined threshold
Above threshold, within mandate
Material new facilities
Counterparty onboarding
Standard counterparties
Complex / high-risk
Sovereign / sanctions-adjacent
Capital markets issuance
—
Preparation & mandate
Final approval & pricing
Hedging positions
Within risk parameters
Parameter exceptions
Strategy changes
Intercompany lending
Within approved programme
New subsidiary exposure
Material new commitments
Escalation Procedures
01
Identification: Front-office or risk function identifies issue requiring escalation.
02
Assessment: Function head classifies severity (routine, material, critical) and documents basis.
03
Notification: CEO and compliance notified within prescribed timeframes. Critical items immediate.
04
Resolution: Corrective action implemented and documented. Post-incident review for critical items.
Control Environment Principles
Accountability
Every transaction and exposure has a clearly assigned owner with defined authority limits.
Transparency
All material positions and decisions are documented and available for review by authorized parties.
Independence
Control functions maintain operational independence from commercial activities.
Proportionality
Control intensity is calibrated to transaction materiality and complexity.
07 - Risk Management Framework
Principal Risk Categories
Commodity Price Risk
High ImpactExposure to movements in crude oil, condensate, and refined product prices that affect inventory value, prepayment obligations, and trading margins.
Mitigation
Board-approved hedging policy. Swaps, options, and collars executed under ISDA. Position limits monitored daily with back-to-back matching where practicable.
Credit & Counterparty Risk
High ImpactRisk of financial loss from counterparty default on commodity purchase agreements, financing arrangements, or hedging instruments.
Mitigation
Counterparty credit assessment and limit framework. Exposure monitoring. LC and guarantee requirements for sub-investment-grade counterparties. Netting agreements.
Sanctions & Regulatory
High ImpactRisk of conducting business with sanctioned entities, individuals, or jurisdictions, resulting in regulatory penalties, reputational damage, or loss of banking relationships.
Mitigation
Automated screening (OFAC, EU, UN, UK). Enhanced due diligence for complex ownership. Ongoing monitoring and MLRO oversight. External legal counsel for complex jurisdictions.
Foreign Exchange Risk
MediumTranslation and transaction risk arising from multi-currency operations. Primary exposure in USD, with secondary exposure in EUR, CNY, and GBP.
Mitigation
Natural hedging through currency-matched assets and liabilities. Forward contracts for defined exposures. Treasury policy limits on open positions.
Liquidity Risk
MediumRisk that the entity cannot meet its financial obligations as they fall due, or can do so only at excessive cost.
Mitigation
Cash flow forecasting. Committed undrawn facilities. Diversified funding sources. Minimum liquidity buffer. Maturity ladder monitoring.
Operational Risk
ManagedRisk of loss from inadequate or failed internal processes, people, systems, or external events.
Mitigation
Segregation of duties. IT security protocols. Business continuity planning. Insurance coverage. Process documentation and periodic review.
08 - Competitive Position
Structural Advantages
Sovereign Resource Access
As the sole international platform of Uzbekneftegaz, UNG Overseas holds exclusive access to the Republic's hydrocarbon production base for international trading and financing purposes. This includes crude oil, gas condensate, LPG, and refined products from Uzbekistan's upstream and downstream operations. The sovereign nature of the resource base underpins the credit quality of commodity-backed financing structures.
ADGM Jurisdiction
Domiciliation in ADGM provides UNG Overseas with a regulatory environment recognized by international banks, rating agencies, and institutional investors. English common law, LCIA arbitration, and ADGM's regulatory framework provide the legal certainty and dispute resolution mechanisms required for complex cross-border financial transactions. This jurisdictional positioning materially reduces perceived country risk for international counterparties.
Integrated Value Chain
Uzbekneftegaz operates across the full hydrocarbon value chain - from exploration and production through transportation, refining, and petrochemical processing. UNG Overseas's access to this integrated asset base enables structuring of financing instruments backed by diversified revenue streams and physical commodity flows across multiple product categories and delivery points.
Central Asia Corridor Position
Uzbekistan occupies a central position in the emerging Central Asian energy and trade corridor. The Republic's geographic location provides access to multiple export routes (including via Kazakhstan, Turkmenistan, and emerging southern corridors) and positions UNG Overseas to participate in regional energy cooperation frameworks with neighbouring producer states.
Structured Finance Capability
The entity maintains dedicated in-house capability for the origination, structuring, and execution of complex financing transactions. This includes prepayment and pre-export facilities, syndicated lending, Islamic finance, and capital markets issuance. The combination of sovereign resource backing and institutional structuring capability positions the entity to access capital at competitive terms across diverse funding pools.
Policy Alignment
UNG Overseas operates in direct alignment with the Republic of Uzbekistan's stated policy objectives for energy sector transformation, including the attraction of foreign investment, modernization of production infrastructure, and integration into international commodity markets. This policy alignment provides operational stability and long-term mandate certainty for the entity and its international partners.
07 - Risk Management Framework (Continued)
Risk Governance & Monitoring
Three Lines of Defence
1
Business Functions
Trading, treasury, and operations teams own and manage risk within approved parameters. Responsible for day-to-day identification, assessment, and first-level mitigation.
2
Risk & Compliance Functions
Independent risk management and compliance teams provide oversight, challenge, and reporting. Set policies, monitor adherence, and escalate exceptions.
3
External Audit & Assurance
Independent external auditors provide assurance on financial reporting, internal controls, and regulatory compliance. Audit findings reported to shareholder governance.
Monitoring & Reporting Cadence
Report
Frequency
Recipient
Position & exposure report
Daily
CEO, Risk function
P&L and margin analysis
Daily / Weekly
CEO, Finance
Counterparty exposure
Weekly
Risk function
Liquidity & cash flow
Weekly
Treasury, CEO
Comprehensive risk report
Monthly
CEO, Shareholder
Compliance & AML report
Quarterly
CEO, MLRO, Shareholder
External audit report
Annual
Shareholder, ADGM
Risk Appetite Statement
UNG Overseas operates within a defined risk appetite framework that prioritizes the preservation of capital and maintenance of banking relationships. The entity does not engage in speculative trading, accepts commodity price risk only to the extent required to facilitate physical trading and prepayment obligations, and maintains conservative leverage ratios consistent with its role as a sovereign-backed financing platform.
09 - HSE, ESG & Sustainability
Environmental, Social & Governance Integration
UNG Overseas integrates environmental, social, and governance considerations into its capital allocation, counterparty selection, and strategic planning processes. ESG is not treated as a parallel reporting exercise but as a factor embedded within investment decision-making and risk assessment.
ESG in Capital Allocation
All investment proposals submitted through the entity's approval framework include an ESG assessment component. Financing for upstream operations incorporates evaluation of environmental management practices, emissions intensity, and compliance with applicable environmental regulations. Proposals for refinery and infrastructure investments include assessment of energy efficiency improvements and emissions reduction potential.
Energy Transition Positioning
UNG Overseas recognizes that Uzbekistan's energy sector operates within a global context of evolving climate policy and investor expectations. The entity's capital mobilization strategy includes provisions for financing lower-carbon technologies, gas-to-power infrastructure, and energy efficiency improvements alongside conventional hydrocarbon production support. This dual approach reflects the reality that energy security and energy transition are concurrent, not sequential, priorities for resource-rich developing economies.
Methane Reduction Strategy
Uzbekneftegaz has identified methane emissions reduction as a priority area for operational improvement and international cooperation. UNG Overseas supports this objective by facilitating financing for leak detection and repair (LDAR) programmes, flaring reduction infrastructure, and associated gas utilization projects. The entity actively engages with international partners and development finance institutions on methane abatement financing structures.
Business Continuity Framework
The entity maintains a business continuity plan that addresses operational disruption scenarios including IT system failure, key personnel unavailability, and physical office inaccessibility. The plan is reviewed annually and tested through tabletop exercises. Critical business functions are supported by documented succession procedures and redundant systems.
Institutional Accountability
ESG performance is reported to the shareholder as part of the entity's regular reporting cycle. UNG Overseas adheres to Uzbekneftegaz group-level HSE policies and contributes to the group's compliance with applicable international reporting frameworks. The entity is committed to progressive alignment with internationally recognized ESG reporting standards as its operations scale.
"The entity's approach to ESG is grounded in institutional discipline: integrating material environmental and social factors into investment analysis, not as a compliance overlay, but as a component of sound capital allocation."
10 - International Partnerships Framework
Cooperation Architecture
IOC Collaboration
UNG Overseas serves as the primary interface for international oil companies seeking to participate in Uzbekistan's upstream sector. Cooperation structures include production sharing agreements, technical service contracts, joint study agreements, and co-investment frameworks. The entity facilitates technical evaluation, commercial negotiation, and contractual documentation for IOC partnerships, providing a single point of contact that operates under a familiar legal and commercial framework.
Structures: PSA · TSC · JSA · Farm-in/Farm-out
NOC-to-NOC Cooperation
Bilateral cooperation with national oil companies of neighbouring and aligned states, including in areas of cross-border pipeline infrastructure, joint refinery feedstock procurement, technical knowledge exchange, and coordinated market positioning. UNG Overseas facilitates the structuring and implementation of inter-governmental energy cooperation agreements at the commercial level.
Focus: Kazakhstan · Turkmenistan · Regional NOCs
Equipment & Drilling Partnerships
Procurement and technical cooperation with international drilling contractors, equipment manufacturers, and oilfield service companies. UNG Overseas manages the international procurement process, including competitive tendering, contract negotiation, vendor financing arrangement, and logistics coordination. Equipment procurement is supported by ECA-backed financing where available.
Categories: Drilling rigs · Refinery equipment · SCADA · Completion tools
Commodity Trader Partnerships
Structured commercial relationships with international commodity trading houses for the marketing of Uzbekistan's hydrocarbon exports and the procurement of imported feedstocks. Partnership structures include term offtake agreements, spot transaction frameworks, and prepayment arrangements. Counterparty selection is based on creditworthiness, market access, geographic coverage, and willingness to provide structured financing alongside physical trading.
Product scope: Crude · Condensate · Naphtha · Gasoil · LPG
Financial Institution Cooperation
UNG Overseas maintains active relationships with international commercial banks, development finance institutions, export credit agencies, and Islamic financial institutions. The entity engages financial partners across the full spectrum of its financing requirements, from short-term trade finance and LC facilities to medium-term syndicated loans and long-term project finance. Relationship management prioritizes geographic and institutional diversification to ensure competitive pricing tension and reduce single-lender concentration.
Partners: Commercial banks · DFIs · ECAs · Islamic banks · SWFs
Partnership Approach
All partnership structures are developed with a focus on mutual value creation, transparent documentation, and long-term relationship sustainability. UNG Overseas does not pursue opportunistic or one-off transactions; it seeks to establish enduring commercial relationships that support the progressive development of Uzbekistan's energy sector.
10 - International Partnerships Framework (Continued)
Cooperation Mechanics
Partnership Development Lifecycle
01
Origination
Identification of strategic counterparties aligned with Uzbekneftegaz priorities
02
Due Diligence
Credit, compliance, technical, and commercial assessment of counterparty
03
Structuring
Development of commercial terms, risk allocation, and documentation
04
Approval
Internal investment approval process, including risk committee review
05
Execution
Contract signature, operational implementation, and ongoing management
Cooperation Framework by Partner Type
Partner Type
Primary Objective
Typical Structures
UNG Overseas Role
International Oil Company
Upstream development, technology transfer
PSA, JV, technical service contract
Negotiation, structuring, JV facilitation
National Oil Company
Regional cooperation, pipeline access
MoU, bilateral agreement, swap
Commercial implementation, coordination
Commodity Trader
Market access, financing, logistics
Offtake, prepayment, spot framework
Principal counterparty, credit management
Commercial Bank
Debt capital, trade finance, treasury
Syndicated loan, RCF, LC facility
Borrower, mandate origination
DFI / ECA
Concessional financing, risk mitigation
Project finance, ECA guarantee
Structuring, application management
Equipment Supplier
Procurement, vendor financing
Supply contract, vendor credit
Tender management, contract execution
Documentation Standards
All partnership agreements are documented under English law (or other internationally recognized governing law where appropriate), utilizing standardized templates based on market-recognized precedents. Legal counsel from internationally recognized firms is engaged for material agreements.
Relationship Management
Active partnership relationships are subject to periodic review, including assessment of commercial performance, counterparty creditworthiness, and strategic alignment. Relationship reviews are conducted at minimum annually and inform the entity's forward partnership development priorities.
11 - Capital Mobilization Strategy
Funding Architecture by Time Horizon
Short-term (0-12 months)
Liquidity & Working Capital
Revolving Credit Facilities
Committed and uncommitted RCFs providing flexible drawdown for trade finance and working capital requirements.
Letter of Credit Facilities
Documentary and standby LC lines supporting commodity procurement and payment obligations.
Interbank Deposits & Money Market
Short-term cash management through interbank placements and money market instruments.
Medium-term (1-5 years)
Structured Finance & Refinancing
Prepayment Facilities
Commodity-backed advance payment structures with 12-36 month tenors secured against future deliveries.
Pre-Export Finance
Receivables-backed facilities with 24-60 month tenors for larger capital mobilization requirements.
Syndicated Term Loans
Multi-lender term facilities for specific capital deployment programmes.
Sukuk Issuance
Shariah-compliant capital markets instruments for Gulf and Islamic investor base.
Long-term (5+ years)
Project Finance & Capital Markets
Project Finance
Non-recourse or limited-recourse financing for major capital projects, including refinery upgrades and new production facilities.
ECA-Backed Facilities
Long-tenor equipment financing supported by export credit agency guarantees from supplier countries.
International Bond Issuance
Medium-term note programme and standalone bond issuance in USD, EUR, and CNY markets.
Panda Bond Access
Renminbi-denominated issuance in Chinese onshore market, diversifying currency and investor base.
11 - CAPITAL MOBILIZATION STRATEGY (CONTINUED)
Scaling Framework & Market Access
Funding Diversification Strategy
UNG Overseas' capital mobilization strategy is designed to progressively diversify the entity's funding base across geography (Gulf, Europe, Asia), institution type (commercial banks, DFIs, capital markets investors), instrument type (loans, bonds, Sukuk), and currency (USD, EUR, CNY, GBP). This reduces concentration risk and builds resilience against disruptions in any single funding channel.
Funding Mix Target (Indicative)
Source
Current
2028 Target
Commercial bank lending
Primary
50-60%
Commodity-backed facilities
Developing
15-20%
Capital markets (bonds, Sukuk)
Pipeline
10-15%
DFI / ECA financing
Pipeline
10-15%
Trade finance / LC
Active
5-10%
Structured Finance Scaling
The entity's structured finance capability is designed to scale through three mechanisms.
Transaction Replication
Standardized documentation and precedent structures enable efficient replication, reducing execution timelines and costs for repeat issuances.
Lender Base Expansion
Systematic engagement with new financial institution counterparties across target geographies through relationship-building and proactive information sharing.
Credit Story Development
Progressive strengthening of credit profile through consistent execution, timely reporting, and demonstrated governance quality.
The capital mobilization strategy is reviewed annually, incorporating assessment of market conditions, group funding requirements, and investor feedback.
12 - FORWARD STRATEGY 2026-2030
Strategic Priorities
2026
2027
2028
2029
2030
2026
2027
2028
2029
2030
Capital Mobilization
Establish inaugural prepayment facility and build syndicated lending track record with international banks.
Develop medium-term note programme framework for future capital markets issuance.
Execute first Sukuk or Panda bond issuance to diversify investor base beyond commercial bank lending.
Achieve target funding diversification across four or more capital source categories.
Production & Drilling Support
Arrange financing for Uzbekneftegaz multi-year drilling programme to support production maintenance and growth targets.
Facilitate procurement of drilling rigs and completion equipment through ECA-backed vendor financing.
Support refinery upgrade and feedstock optimization programmes through structured project finance.
Trading Expansion
Establish term offtake agreements with international commodity trading counterparties for crude oil and condensate.
Develop import procurement programme for refinery feedstocks (crude, naphtha, gasoil) with competitive tendering.
Build internal hedging and pricing capability to support margin management across the trading portfolio.
12 - FORWARD STRATEGY 2026-2030 (CONTINUED)
Institutional Strengthening & Geographic Expansion
Institutional Strengthening
01
Governance Enhancement
Strengthening of internal control architecture, integrated risk management systems, enhanced reporting, and alignment with international governance benchmarks.
02
Human Capital Development
Recruitment of experienced professionals across structured finance, commodity trading, risk management, and compliance. Targeted hiring from international financial institutions.
03
Systems & Technology
Implementation of ETRM platform, integrated accounting systems, and automated compliance monitoring to support operational scaling.
04
Credit Profile Development
Systematic engagement with credit rating agencies. Consistent financial reporting, governance quality, and track record building to support improved market access.
Geographic Expansion Priorities
Region
Strategic Focus
Priority
Gulf Cooperation Council
Banking relationships, Sukuk market, SWF engagement
PrimaryChina / East Asia
Panda bond market, equipment financing, bilateral trade
PrimaryCentral Asia
NOC cooperation, pipeline access, regional trading
PrimaryEurope
Syndicated lending, ECA facilities, IOC partnerships
SecondarySouth Asia
Product export markets, refinery partnerships
SecondaryJapan / Korea
ECA financing, technology partnerships
DevelopingStrategic Outcome (2030)
By 2030, UNG Overseas aims to be recognized by international financial institutions, commodity traders, and strategic investors as a well-governed, creditworthy sovereign energy platform - providing transparent access to Uzbekistan's energy sector through institutional-grade financial structures.
Leadership
Our Team
Board of Directors and Management team.
Board of Directors
Management
Governance
Corporate Governance
Robust governance framework aligned with ADGM regulations.
PDF
Governance Charter
Board authorities, committee mandates, and reserved matters framework.
Download PDFPDF
Compliance Programme
AML/CFT, sanctions, anti-corruption, gifts, and third-party due diligence standards.
Download PDFPDF
Supplier Code
Expected conduct for vendors, advisers, and delivery partners working with UNG Overseas.
Download PDFPDF
ESG Framework
Operating principles for sustainability, workforce development, and responsible growth.
Download PDFADGM
Abu Dhabi Global Market
Registration, regulatory framework, and licences.
Registration:
ADGM Company
Regulator:
FSRA
Jurisdiction:
Abu Dhabi, UAE
Parent:
JSC Uzbekneftegaz (100%)
Compliance
Compliance & Ethics
AML/CFT, anti-corruption, sanctions, and whistleblower mechanism.
AML/CFT policies aligned with FATF standards
Sanctions screening against OFAC, EU, and UN lists
Anti-corruption programme based on UK Bribery Act principles
Code of Business Ethics and Conduct
ESG
ESG & Sustainability
Environmental, social, and governance commitment.
UNG Overseas is committed to responsible business practices across our operations. As we build our track record, we are developing a structured approach to environmental, social, and governance (ESG) reporting.
Key ESG focus areas include supporting Uzbekistan's energy transition, maintaining high governance standards in our ADGM-regulated operations, and contributing to workforce development in the countries where we operate.
A formal ESG report will be published as the company's operational footprint develops.
Whistleblower
Anonymous Reporting Channel
Report ethics, compliance, sanctions, or control concerns through a confidential intake form.
Submissions may be made without disclosing identity. Reports are logged with timestamp and category for internal review.