PRIVATISATION · UZBEKISTAN
The state is exiting 41 major assets
Twenty-nine share packages go to public auction with international advisers; twelve flagships go to IPO and SPO. Below: the full list with stakes and timing, the deal terms and the legal basis — checked against official texts, not summaries.
Share packages to public auction
Annex 1 to PP-145. Sale through competitive international auction with international advisers; valuation by Big Four firms.
| № | Enterprise | Stakeholder | Stake | Advisers | Auction |
|---|---|---|---|---|---|
| 1 | Universal Mobile Systems (Mobiuz) Telecom · ООО | Ministry of Digital Technologies | 100% | Q2 2025 | Q3 2025 |
| 2 | UzAuto Motors Machinery · АО | Uzavtosanoat JSC | 99.7% | Q4 2025 | Q1 2026 |
| 3 | UzAuto Motors Powertrain Machinery · АО | Uzavtosanoat JSC | 100% | Q3 2025 | Q4 2025 |
| 4 | Uzbekinvest Export-Import Insurance Finance · АО | State Assets Management Agency | 75.24% | Q2 2025 | Q3 2025 |
| 5 | Uzagrosugurta Finance · АО | State Assets Management Agency | 99.35% | Q2 2025 | Q1 2026 |
| 6 | Uzbekistan GTL Oil & gas · ООО | Uzbekneftegaz JSC | 100% | Q3 2025 | Q2 2026 |
| 7 | Uzbekgidroenergokurilish Construction · АО | Uzbekhydroenergo JSC | 96.7% | Q2 2025 | Q4 2025 |
| 8 | Transgazmahsuskurilish Construction · АО | Uztransgaz JSC | 77.6% | Q2 2025 | Q4 2025 |
| 9 | Mahsusenergogaz Oil & gas · АО | Uzbekneftegaz JSC | 41% | Q2 2025 | Q4 2025 |
| 10 | Turakurgan Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 11 | Yangi Angren Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 99.6% | Q2 2025 | Q4 2025 |
| 12 | Angren Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 13 | Syrdarya Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 14 | Mubarek Combined Heat & Power Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 15 | Fergana Combined Heat & Power Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 16 | Tashkent Combined Heat & Power Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 17 | Tashkent Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 18 | Navoi Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 19 | Takhiatash Thermal Power Plant Power generation · АО | Thermal Power Plants JSC | 100% | Q2 2025 | Q4 2025 |
| 20 | Technopark Real estate · ООО | Tashkent City Khokimiyat | 100% | Q3 2025 | Q1 2026 |
| 21 | Uzbek Leasing International Finance · АО | Uzmilliybank JSC | 45.5% | Q2 2025 | Q1 2026 |
| 22 | Uzagroleasing Finance · АО | State Assets Management Agency | 97.5% | Q2 2025 | Q1 2026 |
| 23 | Tashkent Tractor Plant Machinery · ООО | State Assets Management Agency | 100% | Q3 2025 | Q1 2026 |
| 24 | Sherabad Cement Plant Construction · ООО | Almalyk MMC JSC | 100% | Q2 2025 | Q4 2025 |
| 25 | Yulkurilish (road construction) Construction · АО | State Assets Management Agency | 100% | Q2 2025 | Q3 2025 |
| 26 | Uzsuvkurilish (water construction) Construction · АО | State Assets Management Agency | 100% | Q2 2025 | Q3 2025 |
| 27 | Shargunkumir (coal) Mining · АО | State Assets Management Agency | 99.93% | Q2 2025 | Q4 2025 |
| 28 | Uzmetkombinat (steel) Metals · АО | Ministry of Economy & Finance | 91% | Q3 2025 | Q1 2026 |
| 29 | Navoiazot Chemicals · АО | Ministry of Economy & Finance | 75% | separate schedule | separate schedule |
Timing is reproduced as written in Annex 1. The resolution dates from 21 April 2025; the actual status of any given lot should be verified separately.
Flagships to market
Annex 2 to PP-145. The state retains control and floats minority stakes on international and domestic exchanges.
Navoi Mining & Metallurgical Company
National Investment Fund of Uzbekistan
Navoiyuran (uranium)
Uzbekistan Airways
Almalyk Mining & Metallurgical Company
National Electric Grid of Uzbekistan
Uzbektelecom
Uzbekhydroenergo
Regional Electric Grids
Uztransgaz
Uzbekistan Airports
Hududgaztaminot (gas distribution)
Deal terms
What the resolution states — and what it leaves out. The second matters more: that is what remains negotiable.
Fuel supply guarantee — before the auction
Thermal plant auctions are announced "on the basis of a Ministry of Energy guarantee on fuel supply volumes" (cl. 4a). The guarantee must exist before the auction itself.
However, gas supply terms are developed "based on production and delivery capacity". The guarantee is conditional on gas being available — a material caveat in a country with winter shortfalls.
Guaranteed power offtake — before signing
The KPMG-drafted privatisation strategy provides for "guaranteed purchase of generated electricity by the principal offtaker". Terms are to be developed and agreed "before the sale and purchase agreement is signed".
Volume, tariff, price formula and term are not fixed in the decree — they belong to the contract. The offtaker is not named; Uzenergosotish JSC appears among responsible parties.
No modernisation obligation on the buyer
Plants are sold "by portfolio method based on their technical condition" — wear is priced into the lots rather than converted into an investor obligation.
By contrast, the same annex sets an Investment Agreement with explicit "investment terms" for Samarqand Avtomobil zavodi. No such clause exists for the power plants.
The model adapts to the investor
The privatisation model and schedule are developed "based on international financial market conditions, production capacity and the requirements of strategic investors" (cl. 5a).
The starting price follows a Big Four valuation; the valuation report is exempt from state expert review and serves as a reference, not a ceiling.
Right of first offer for the trustee
Where a state stake sits under trust management, it is first offered to the trustee at appraised value — and only then goes to auction.
Stakes contributed to the National Investment Fund are sold together with state shares as a single lot.
Covenants of existing loans
The State Commission reviews each listing "taking into account the financial covenants of the enterprises' current loan agreements".
An asset's debt load can move the timetable: the text provides for it directly.
Legal basis
Marked acts were checked by us against the official text page by page. The rest are linked to the primary source for independent verification.
Law "On Privatisation of State Property". Replaced the 1991 statute: procedure, split between republican and municipal property, exhaustive list of sale methods. Guarantees the inviolability of resulting private ownership and prohibits revisiting privatisation outcomes.
lex.uzDecree "On the Privatisation Programme". Sale of state assets and land worth UZS 30tn with receipts of at least UZS 10tn; stakes in 115 companies, 659 real-estate objects, 6,100 ha of land, at least 30 mineral deposits. Moratorium until 1 January 2030 on creating new state-participation enterprises, excluding defence and security.
lex.uzResolution "On privatisation of large state-participation enterprises on international markets". 29 share packages to public auction with professional advisers and 12 flagships to IPO/SPO. Valuation by Big Four firms; the report is exempt from state expert review.
lex.uzThe list is public. The read on a specific lot is not.
The resolution sets the frame: who sells, what stake and when. It does not answer what actually drives price — plant condition, the real scope of the fuel guarantee, covenants on existing loans, offtake terms. CAPPA assembles that picture for a specific asset and takes it into negotiation.