{"id":6919,"date":"2026-11-01T10:39:24","date_gmt":"2026-11-01T10:39:24","guid":{"rendered":"https:\/\/uzbekistanobserver.com\/uz\/uzbekneftegaz-eyes-2027-rollover-of-first-eurobond-as-gtl-loan-refinancing-nears\/"},"modified":"2026-11-01T10:39:24","modified_gmt":"2026-11-01T10:39:24","slug":"uzbekneftegaz-eyes-2027-rollover-of-first-eurobond-as-gtl-loan-refinancing-nears","status":"publish","type":"post","link":"https:\/\/uzbekistanobserver.com\/uz\/uzbekneftegaz-eyes-2027-rollover-of-first-eurobond-as-gtl-loan-refinancing-nears\/","title":{"rendered":"Uzbekneftegaz 2027 yilda birinchi evrobondini qayta muddatga o\u02bbtkazishni ko\u02bbzlamoqda, GTL loyihasi kreditlarini qayta moliyalashtirish yaqinlashmoqda"},"content":{"rendered":"<p>Uzbekneftegaz birinchi evrobond emissiyasining muddatini to\u02bbliq to\u02bblab berish o\u02bbrniga uzaytirishga tayyorlanmoqda \u2014 davlat energetika kompaniyasining birinchi rais o\u02bbrinbosari buni 27 oktabr kuni aytdi va qo\u02bbshimcha qildi: O\u02bbzbekiston GTL zavodi bilan bog\u02bbliq yuqori xarajatli kreditlarning taxminan 1 milliard dollari kelgusi bir necha oy ichida qayta moliyalashtiriladi.<\/p>\n<p>Suxrob Xamrayev matbuot anjumanida so\u02bbzlab, birinchi bond transhi bo\u02bbyicha asosiy qarz 2028 yilda, ikkinchisi esa 2030 yilda to\u02bblanishi kerakligini aytdi. Kompaniya 2028 yilgi muddatga nisbatan ikki yo\u02bblni ko\u02bbrib chiqmoqda: o\u02bbz mablag\u02bblari hisobidan to\u02bblash yoki bondlarni yangi muddatga o\u02bbtkazish. Kreditorlar bilan muzokaralar oldindan boshlanishi kutilmoqda, bunda aniq maqsad \u2014 mavjud shartlardan yomonroq bo\u02bblmagan shartlarni ta&#039;minlash.<\/p>\n<p><strong>&quot;Bu yangi qarz emas \u2014 ushbu evrobondlardan tashqari qo\u02bbshimcha mablag&#039; jalb qilinmaydi. Gap xuddi shu miqdorni turli muddatlarga uzaytirishda,&quot;<\/strong> Xamrayev shunday deb aytdi, rollover va yangi chiqarish o&#039;rtasidagi farqni aniq belgilab qo&#039;ydi.<\/p>\n<h2>Foiz stavkasi farqining kengayishi<\/h2>\n<p>Bu farq qisman Uzbekneftegaz qarz olish xarajatlarining qanchalik keskin oshganligi bilan bog&#039;liq. 2021-yil noyabrida kompaniya 700 million dollar miqdorida evrobondlarni 4,75 foizlik kupon stavkasida joylashtirdi. 2025-yil mayiga kelib, xalqaro bozorlarga 850 million dollarlik chiqarish bilan qaytganida, stavka 8,75 foizga \u2014 deyarli ikki barobarga \u2014 ko&#039;tarilgan edi. Shu sababli, 2028-yilgi to&#039;lov muddatiga oid har qanday rollover dastlabki obligatsiyalar sotilgan paytdagiga qaraganda sezilarli darajada yuqori global foiz stavkalari fonida muzokaraga qo&#039;yiladi.<\/p>\n<p>29-sentabr kuni Uzbekneftegaz J.P. Morgan bilan xalqaro kapital bozorlariga chiqish va kelajakda obligatsiyalar chiqarish imkoniyatlari yuzasidan muzokaralar olib bordi, biroq kompaniya o&#039;sha paytda yangi evrobond chiqarish bo&#039;yicha aniq rejalari yo&#039;qligini ma&#039;lum qildi.<\/p>\n<h2>GTL kreditlari va davlat kafolati masalasi<\/h2>\n<p>Xamrayev kompaniyaning yuqori foizli meros qarzlarining deyarli barchasini qayta moliyalashtirganini aytdi, bunda bitta muhim istisno mavjud: O\u02bbzbekiston GTL gaz-suyuqlik zavodini moliyalashtirish uchun dastlab olingan taxminan 1 milliard dollar miqdoridagi kreditlar. Ularni qayta moliyalashtirish joriy yil oxirida yoki kelgusi yilning birinchi choragida amalga oshirilishi kutilmoqda.<\/p>\n<p>Qayta moliyalashtirish foiz stavkasidan tashqari tarkibiy oqibatni ham keltirib chiqaradi: bu mazkur kreditlarni hozirda ta&#039;minlab turgan davlat kafolatini bekor qilish imkonini beradi. Xamrayev kreditorlar endi hukumat kafolatini talab qilmasligini aytdi va buning sababi sifatida kompaniyaning moliyaviy ahvoli hamda to&#039;lov qobiliyatiga nisbatan investorlar ishonchining ortib borayotganini keltirdi. Spot ilgari Uzbekneftegaz taxminan 1,1 milliard dollar miqdoridagi kreditlarni qayta moliyalashtirmoqchi ekanligini xabar qilgan edi, ularning 840 million dollari GTL loyihasiga tegishli.<\/p>\n<p>Ikki qadam \u2014 potentsial evrobond rolloveri va GTL kreditini qayta moliyalashtirish \u2014 birgalikda Uzbekneftegaz qarz boshqaruvi taqvimidagi yaqin muddatli eng muhim qarorlarni ifodalaydi va bu qarorlar ham ushbu qarzlarning bir qismini hozirda kafolatlab turgan davlat byudjeti, ham kompaniyaning uzoq muddatli kapital xarajatlari uchun muhim ahamiyat kasb etadi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uzbekneftegaz birinchi rais o\u02bbrinbosarining aytishicha, kompaniya 2028 yilda muddati tugaydigan birinchi evrobond \u0442\u0440\u0430\u043d\u0448\u0438\u043d\u0438 to\u02bblab berish o\u02bbrniga qayta muddatga o\u02bbtkazishni rejalashtirmoqda; shu bilan birga, yaqin oylarda GTL loyihasi bo\u02bbyicha taxminan 1 milliard dollar miqdoridagi kreditlar qayta moliyalashtiriladi \u2014 bu qadam mazkur qarzdan davlat kafolatini ham olib tashlaydi.<\/p>\n","protected":false},"author":6,"featured_media":6920,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[761,268,763,764,762,317],"ucw_region":[],"ucw_sector":[],"ucw_issue":[],"ucw_institution":[],"ucw_case_status":[],"ehb_region":[],"uov_series":[],"class_list":["post-6919","post","type-post","status-publish","format-standard","has-post-thumbnail","category-public-spending","tag-state-guarantees","tag-public-finance","tag-eurobonds","tag-gtl","tag-debt-management","tag-uzbekneftegaz"],"_links":{"self":[{"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/posts\/6919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/comments?post=6919"}],"version-history":[{"count":0,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/posts\/6919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/media\/6920"}],"wp:attachment":[{"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/media?parent=6919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/categories?post=6919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/tags?post=6919"},{"taxonomy":"ucw_region","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ucw_region?post=6919"},{"taxonomy":"ucw_sector","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ucw_sector?post=6919"},{"taxonomy":"ucw_issue","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ucw_issue?post=6919"},{"taxonomy":"ucw_institution","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ucw_institution?post=6919"},{"taxonomy":"ucw_case_status","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ucw_case_status?post=6919"},{"taxonomy":"ehb_region","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/ehb_region?post=6919"},{"taxonomy":"uov_series","embeddable":true,"href":"https:\/\/uzbekistanobserver.com\/uz\/wp-json\/wp\/v2\/uov_series?post=6919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}