Industry Trend Analysis - Energy Sector Boost From Investment, Reform Programme - MAR 2018
BMI View: Reform progress in Uzbekistan will support the revitalisation of the country's oil and gas sector. The government's ambitious investment plan will boost natural gas production and refining capacity, helping Uzbekistan achieve fuel self-sufficiency and improve the country's gas and fuel export prospects.
Amid the ongoing reform programme initiated by President Mirziyoev in 2017, the prospect of Uzbekistan becoming a more liberal and investment-friendly country seems more viable. The country has seen substantial progress towards economic liberalisation since President Mirzriyoyev took office in 2016. Given the commitment to reform and development of international relations, Uzbekistan's economic outlook and business environment look more promising compared to some of its regional peers (see 'Improving Investment Environment Boosts Growth Outlook', 25 January).
As part of a 2017-2021 Strategy for Action plan, Mr Mirziyoyev is planning to revitalise the country's oil and gas sector. The new government is targeting a boost to oil and gas output and to transform the country's refining sector to achieve self-efficiency and improve export prospects. Moreover, the government is planning to modernise existing gas extraction facilities and repair the country's gas transmission networks to reduce losses during production and transportation of gas.
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|Note: Score is out of 100, with 100 being the best and zero the worst. Source: BMI|