Uzbekneftegaz Dismisses Gissarneftgaz Executives Amid Financial Mismanagement
Uzbekneftegaz has terminated the executive team of Gissarneftgaz due to severe operational failures and corruption. The new management faces urgent mandates to rectify financial instability and improve production efficiency.
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Uzbekneftegaz has dismissed the entire executive management of Gissarneftgaz following a performance review that highlighted extensive financial corruption and operational failures. A technical audit revealed that only 24 out of 142 production wells were actively operating, leading to a mere 40.5% fulfillment of natural gas production targets for 2025.
The previous leadership was accused of misappropriating funds and failing to manage resources effectively. The new management is tasked with eliminating wage arrears, conducting a thorough technical audit, and drafting a financial recovery plan. Gissarneftgaz, established in May 2005, is a joint venture between Uzbekneftegaz and Gas Project Development Central Asia AG, which is now owned by Uzbek entrepreneur Bakhtiyor Fazilov.
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