Why is this important
The effectiveness of state asset management directly affects the financial condition of large state-owned companies and the burden on the budget. Failure to operate and low-profit facilities create constant costs, do not bring income, and limit investment opportunities. Decisions regarding the sale, conservation, or reorganization of such assets demonstrate how systematically the company approaches property management and adaptation to market conditions.
What happened
- Uzbekneftegaz reported that unused assets and land plots on the balance sheet of oil depots are being prepared for sale.
- The Chairman of the Management Board of the company, Abdugani Sanginov, criticized the existing problems in managing the property of oil depots at the meeting.
- The company decided to conduct a full inventory of the property and prepare proposals for the sale or optimization of unused and inefficient assets.
- It is also planned to revise the format of the existing fuel distribution points for farmers.
Numbers and facts
- There are 441 fuel distribution points for farmers on the balance sheet of the oil depots, of which 234 are operating, and 207 are not actually operating.
- Of the 156 idle points put up for sale, 130 objects have not been sold for more than three years, despite the twofold reduction in their estimated value.
- The maintenance of 207 idle points, as well as the payment of land and property taxes, costs the company 11.5 billion soums annually.
- 234 existing points are characterized by low profitability and are recognized as economically inefficient.
- The working group was instructed to conduct a full inventory of the property and land of the oil depots by February 1.
Context
- The company effectively acknowledges the presence of a significant volume of frozen assets that create constant costs without economic returns.
- Selling, returning land to the state reserve, and abandoning excess infrastructure can reduce the tax burden and free up resources.
- The transition to mobile refueling means indicates an attempt to adapt the fuel supply system to real market needs.
- The creation of a working group and the inventory indicate an attempt to move from point-based solutions to a systematic review of property policy.
