Overview
Mining and quarrying are the leading industries of Uzbekistan’s economy. The country produced 8.2 million tons of coal, 0.7 million tons of oil, 44.6 billion cubic meters of natural gas, 1.2 million tons of gas condensate, 120 tons of gold, 150,000 tons of copper, and 3,800 tons of uranium (in 2023) in 2024. By 2030 Uzbekistan plans to raise its annual production of copper to 500,000 tons, gold to 155 tons, silver to 500 tons and uranium to 10,000 tons. The government also pays special attention to the development of the full value chain (upstream, midstream and downstream) production of critical minerals and created Uzbekistan Technological Metals Complex (UzTMC) JSC for this purpose in 2024. Uzbekistan has magnesium (estimated at 16.9 million tons), aluminum (15 million tons), zinc (4.6 million tons), graphite (1.3 million tons), molybdenum (0.56 million tons), manganese (0.37 million tons), vanadium (0.34 million tons), tungsten (0.18 million tons), lithium (0.15 million tons), titanium (0.13 million tons) and other critical minerals reserves.
Uzbekistan ranks 16th globally with 1.84 trillion cubic meters of natural gas reserves. It has an estimated 594 million barrels of oil reserves and 2 billion tons of coal reserves. The volume of natural gas production amounted to 44.59 billion cubic meters (bcm) in 2024. The government set a target of increasing it to 62 bcm by 2030. In December 2022, the state-owned oil and gas company Uzbekneftegaz (UNG), which produces 63% of the country’s natural gas, announced a 10-year exploration program to increase production: it expects to survey 15.6 thousand square kilometers, and drill 530 new wells at 211 new sites. Combined with prospecting and exploration, the program’s total cost will be $3.4 billion. The company projects it will discover more than 40 new hydrocarbon fields over this period, with reserves of 365 billion cubic meters of natural gas and 16 million tons of liquid hydrocarbons. For the first time, Uzbekistan will begin gas production in deep layers, for which leading foreign investors will be invited to conduct exploration in the Ustyurt region. In July 2025, the Ministry of Energy of Uzbekistan, the State Oil Company of the Azerbaijan Republic (SOCAR) and Uzbekneftegaz signed a Production Sharing Agreement (PSA) for joint geological exploration and hydrocarbon development in Ustyurt region.
Due to high economic and population growth and declining extraction of natural gas, Uzbekistan transitioned from exporting to importing natural gas in 2023. In June 2023 Uzbekistan signed a two-year agreement with Russian Gazprom to buy 2.8 bcm of natural gas annually. Although Ministry of Energy officials declined to disclose the purchase price, local and Russian media report it to be $160 for 1,000 cubic meters. Uzbekistan purchased 1.28 bcm of natural gas from Gazprom in 2023 and 5.64 bcm in 2024. In total, Uzbekistan spent $1.67 billion to buy natural gas from Russia and Turkmenistan in 2024. Uzbekistan will invest $500 million between 2024 and 2030 to expand the capacity of the gas pipeline from Russia to 11 bcm a year.
Uzbekistan’s large SOEs have been very active in international capital markets in recent years. Navoi Mining and Metallurgical Company (NMMC) placed its debut eurobonds on London Stock Exchange (LSE) in October 2024: $500 million in 4-year notes at 6.7% and $500 million in 7-year notes at 6.95%. In May 2025 NMMC issued additional $500 million in 5-year notes at 6.75% on LSE. Navoiyuran placed its debut $300 million eurobonds in 5-year notes at 6.7% on LSE in June 2025. Uzbekneftegaz issued $850 million in 5-year notes at 8.75% on LSE in April 2025. Almalyk Mining and Metallurgical Company (AMMC) may issue $1 billion of eurobonds in 2025.
Presidential Decree #PP-145 dated April 21, 2025 set the deadlines for IPO of 12 large SOEs including the IPO of 10-15% of NMMC in the second half of 2025, 10-15% of Navoiyuran in the second half of 2026, 10-15% of AMMC in the first half of 2027, 15-20% of Uztransgaz (operator of the country’s main gas transportation system) in the first half of 2028, 15-20% of Hududgaztaminot (natural gas distributor to domestic customers) in the second half of 2028.
In May 2023, Air Products announced a $1 billion investment in Uzbekistan to acquire, own, and operate a natural gas-to-syngas processing facility at Uzbekneftegaz’s advanced GTL (gas-to-liquid) plant producing 1.5 million tons of high value-add synthetic fuels per year. In August 2024 local company Saneg signed an agreement with Air Products to sell its hydrogen production assets to Air Products for $140 million.
The government has historically subsidized energy prices in Uzbekistan and will spend almost $1 billion in 2025 to subsidize natural gas, electricity and heating supply. But, it has begun taking steps to align energy prices with market realities. In May 2024 the natural gas price for the population increased by 71% from 380 to 650 Soum per cubic meter for consumption of up to 500 cubic meters a month between November and February and for up to 100 cubic meters a month between March and October. In May 2025 the price of natural gas increased by 54% from 650 to 1000 Soum ($0.077) per cubic meter for consumption of up to 500 cubic meters a month between November and February and for up to 100 cubic meters a month between March and October. From 2026, electricity and gas tariffs in Uzbekistan are expected to be increased annually on May 1, taking into account inflation, but by no more than 10%. Energies subsidies will be phased out entirely in 2028.
Table: Mining and Quarrying Market Size, Million USD
| 2022 | 2023 | 2024 | 2025 estimated |
Total Exports | 6,273 | 9,757 | 9,407 | 11,000 |
Total Imports | 1,795 | 2,634 | 3,953 | 5,000 |
Imports from the US | 16 | 17 | 8 | N/A |
Trade Surplus/Deficit* | 4,478 | 7,123 | 5,454 | 6,000 |
Exchange Rates** | 11,051 | 11,737 | 12,653 | 12,900 |
*Trade Surplus/Deficit = Total Exports – Total Imports
** Exchange Rates = Uzbek soums per $1.
Units: $ millions
Source: The State Statistics Committee of Uzbekistan. Data for 2025 was estimated by Post using company project implementation progress reports. Imports from the U.S. data is from the U.S. Census Bureau.
Leading Sub-sectors
- Oil, Gas and Critical Minerals Exploration and Extraction
- Support Activities for Mining
- Oil, Gas and Metals Processing
Opportunities
U.S. oil, gas and mining companies, mining and processing equipment manufacturers may bid on contracts to supply services and equipment to the country. Specific fields include consulting, exploration, engineering, construction, equipment supply, and management. The government presently has an increased interest in licensing technologies for oil refining and gas extraction, treatment, and processing. All public sector tenders and technical requirements, specifications, documents, and procedural explanations are available on the websites of Uzbekneftegaz, Uztransgaz, NMMC, AMMC, UzTMC, Navoiyuran, Ministry of Mining Industry and Geology.
For specific opportunities, businesses should review tenders on the companies’ websites, https://tenderweek.com/en/, or contact potential partners by phone or e-mail. In general, opportunities exist in fossil fuel field development and exploration; critical minerals exploration and production; oil and gas-bearing structure analysis; seismic surveys and deep drilling; and the construction, expansion, and modernization of production and processing facilities.
Resources
U.S. companies and individuals interested in learning more about the oil and gas sector, upcoming procurements, and export opportunities are encouraged to visit the following websites: